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Interactive video lesson plan for: How to compute net pay social security federal state medical insurance medicare finance personal

Activity overview:

Good day students welcome to mathgotserved.com in this clip where going to be going over how to compute net pay let's start by taking a look at this scenario and its us follows maria single have an , all salary of 74,000 and is paid biweekly she cleans no allowance in pays federal and state taxes using the tables below so the table on the left as though federal tax table for 2016 and on the right here we have a graduated speech income tax people from Medicare and Social Security taxes are 1.45 and 6.2% respectively her annual medical insurance which accompany pays 60 percent off is $4000 question calculate various number one gross pay two deductions and three net pay all right with the to start out by calculating the ghouls Pete okay let's figure out her gross peep her out. So let's write that down parts one grows pay per. In order to compute this will simply take her annual salary and divided by the number of peep. She has the year okay number of PE periods all right let's go ahead and out determining the necessary components that can helus to calculate her gross pay per. The first part we need is her annual salary what is Maria's annual salary is lariat little salary is $74,000 a year so 74,000 how many peep units to see how it is stated of the problem that Maria is paid biweekly so what of that mean it means that she's paid every two weeks okay so for number off pay periods is the number of weeks a year divided by two which is we have 52 weeks in a year if you divide that by two armed acutest 20 6P. This is what biweekly means okay right now we know the number of peep. That she has in her Connell earnings are gross pay per. Will simply be the quotient of the on all salary the on will salary of 74,000 divided by number of peep. In the year which is 26 because she's peep biweekly if you plug this into the calculator you end up with $2846.15 this is how much he gets paid every two weeks every two weeks before taxes are deducted okay so her pretax earnings is 2000 $2084 $2846 in $.15 every two weeks ago hymnbook that now the next thing we are asked to determine or her deductions can deductions are the dollar figures dollar figure amounts that are subtracted from her paycheck before she gets her final am next page okay so what are we going to be looking at here in this problem her deductions are made up of the following from the problem we can see that it is stated that she piece federal taxes state tax she Pisan Medicare tax for retirement she pays Social Security for retirement expenses in the last deduction is medical insurance for unexpected medical of events or to maintain her health health situation okay so these are the deductions that will be computing to determine what her deductions are and doubts will ultimately help us figure out the last question her next K peer. Okay let's starts with the first one federal taxes federal taxes to compute hurts federal taxes we're going to be making use of this federal tax table this is as of 2016 the first anyone to do is figure out what tax bracket she falls in these on her earnings of $74,000 a year okay so I like you to direct your attention to the first column that shows you the Interpol of incomes that could determine what brackets and earner falls since you earn 74,000 she falls in between 30 7651 and Mikey one 150 so she falls in the third bracket right here so how much is she going to pay she's going to pay $5183.75 plus 25% of whatever she earns over 37,650 okay so let's go ahead and indicates what's all our computations are going to be it's going to be $5183.75 +25% over 37,000 650 okay now let's go ahead and start by calculating how much she earns over 37,000 650 so amounts over is going to be her annual salary of 74,000-37,653 carryout the difference you end up with 36,350 now we can computer federal taxes federal tax taxes are going to be the base amount $5183.75 +25% of this amount over 74,000 now we need to change 25% into the civil how can we achieve this you simply move the decimal points to places to the left that is equivalent to divided 25 x 100 that is what percent means so will have 25% of this amount is the same in a mathematical notation as 0.25 multiplied by the amount 36,350 if you entered is expression into your calculator just as it is you end up with auto federal tax of $14,271.25 or what are her federal taxes per P. Let's figure that out the federal taxes per P. Is simply her auto federal taxes of 14,271 and $.25 divided by number of pay. She has she's paid biweekly so that is going to be 26 if you put that into your calculator you give her federal tax deduction per paycheck 05 48.89 okay this is how much that will be deducted from her paycheck every two weeks for federal taxes now let's is best to the second adoption which is state taxes so how much does he pay for state tax the state taxes for Maria here is of a graduated nature we are going to calculate her graduated state tax by making use of this graduated state income people

Tagged under: tax,graduated,federal,state,income,pay check,medicare,break ,pay period,check,basis,gross pay,net pay,biweekly,monthly,yearly,daily

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