Activity

Imagine a gross yearly income that you hope to earn in the near future. Divide by 52 to get your gross pay per week. Then, using the sample rates listed below for various deductions, calculate and enter your weekly paycheck.

• Federal income tax: 10%
• OASDI: 4.2%
• Medicare: 1.45%
• State income tax: 3%
• Local income tax: 2.2%
• Retirement plan: 4%
• Health insurance (assume your contribution is $2,080 per year)
• State disability insurance: 1.2%