dmanda24
Senior Member
Hi, the following is a question that I'm stuck on from the unlimited contractor mike holt exam preparation booklet
The take home pay of a singleemployee who earns $300.00 per week, and has four allowances, would be (use the wage bracket method) $______.
a)265-280
b)275-284
c)285-294
d)295-305
Answer from booklet: a) 265-280
1) Take home pay
2) Gross wages..........................................$300.00
3) Social Security Taxes (300.00 x 0.062).......-$18.60
4) Medicare Taxes (300.00 x 0.0145)................$4.35
5) Witholding taxes........................................$2.00
6) $300 - 27.95 = $272.05..........................------------
7) Net take home pay...................................$275.05
My questions are
if the final answer in line 7 is 275.05 then it corresponds to two answers
a)265-280
b)275-284
by looking at all the answers it could be that answer b) should read 281-284 so that all the answers should be
a)265-280
b)281-284
c)285-294
d)295-305
and then answer a) would make sense
But what in the world is line 6 all about??? is the answer between 272.05 and 275.05 and that's why the answer is a). where does that line 6 come from.
Any help would be appreciated it.
The take home pay of a singleemployee who earns $300.00 per week, and has four allowances, would be (use the wage bracket method) $______.
a)265-280
b)275-284
c)285-294
d)295-305
Answer from booklet: a) 265-280
1) Take home pay
2) Gross wages..........................................$300.00
3) Social Security Taxes (300.00 x 0.062).......-$18.60
4) Medicare Taxes (300.00 x 0.0145)................$4.35
5) Witholding taxes........................................$2.00
6) $300 - 27.95 = $272.05..........................------------
7) Net take home pay...................................$275.05
My questions are
if the final answer in line 7 is 275.05 then it corresponds to two answers
a)265-280
b)275-284
by looking at all the answers it could be that answer b) should read 281-284 so that all the answers should be
a)265-280
b)281-284
c)285-294
d)295-305
and then answer a) would make sense
But what in the world is line 6 all about??? is the answer between 272.05 and 275.05 and that's why the answer is a). where does that line 6 come from.
Any help would be appreciated it.
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