Before this weekly payroll Lee Roy who works at Sears is 500

Before this weekly payroll, Lee Roy, who works at Sears is $500 below the maximum level for Social Security earnings. Lee is married and claims 3 exemptions. What is Lee\'s net pay if he earns $1,400?

Solution

As per given details i.e., Lee roy who works at sears is $500 below the maximum level for social security earnings.

Lee is married and claimed 3 exemptions

so we can write:

year - to - date earnings : $500

pay period : weekly

Filling status : 0

Number of allowances : $0.00

Pre-tax deductions : $0.00

Post-tax deductions : $0.00

Post-tax Reimbursements : $0.00

Social security earnings : $86.77

Medicare : $20.29

Federal tax : $167.42

State & Local tax : $83.97

Total gross pay for check :$1399.45 (approximately equal to which is given in question)

Total deductions : $358.45

Net Paycheck : $1041.00

Based on the given input, a gross paycheck of $1399.45 will have $358.45 in total deductions.

This gives a net pay of $1041.00.