Question

scenario 1: malik works 25 hours at $15.25/hour each week. calculate the gross weekly earnings. calculate the amount deducted for social security. calculate the amount deducted for medicare. find the fica - adjusted weekly net earnings. scenario 1 gross weekly earnings: __ social security: medicare: fica adjusted weekly net earnings: scenario 2 gross weekly earnings: social security: medicare: fica adjusted weekly net earnings: __

Explanation:

Step1: Calculate gross weekly earnings

Multiply hourly - rate by hours worked. $15.25\times25 = 381.25$

Step2: Calculate Social - Security deduction

Assume Social - Security tax rate is 6.2%. So, $381.25\times0.062=23.6475\approx23.65$

Step3: Calculate Medicare deduction

Assume Medicare tax rate is 1.45%. So, $381.25\times0.0145 = 5.528125\approx5.53$

Step4: Calculate FICA - adjusted weekly net earnings

Subtract Social - Security and Medicare deductions from gross earnings. $381.25-(23.65 + 5.53)=352.07$

Answer:

Gross Weekly Earnings: $\$381.25$
Social Security: $\$23.65$
Medicare: $\$5.53$
FICA - Adjusted Weekly Net Earnings: $\$352.07$