Georgia earns $1,200/week. 32% is federal tax, 6.5% state tax, $125 to vacation club, no other deductions. What is her take-home pay?
Georgia's take-home pay is $613.
To calculate Georgia's take-home pay, we first determine the total deductions from her weekly earnings of $1,200. The deductions include federal tax, state tax, and contributions to the vacation club. After calculating these, we subtract the total deductions from her earnings to find her take-home pay.
This amount is calculated by first determining the total deductions. The federal tax is 32% of $1,200, which equals $384. The state tax is 6.5% of $1,200, amounting to $78. Finally, she contributes $125 to the vacation club. Thus, the total deductions are $384 + $78 + $125 = $587. Subtracting the total deductions from her weekly earnings gives $1,200 - $587 = $613, which is her take-home pay.
This option is incorrect as it does not account for the accurate calculation of total deductions. If we were to arrive at $745, it would suggest a miscalculation somewhere in the deductions, leading to an inflated take-home pay that does not reflect Georgia's actual earnings after taxes and contributions.
Choosing $801 implies that the deductions were underestimated. This figure also does not match the correct deductions that account for both federal and state taxes, as well as the vacation club contribution, making it an inaccurate representation of her take-home pay.
This amount also misrepresents Georgia's take-home pay. Arriving at $910 suggests an even greater underestimation of the total deductions than in the previous choices. The calculations clearly show that the deductions are significantly higher than what would yield a take-home pay of $910.
Calculating take-home pay requires careful consideration of all deductions from gross earnings. Georgia's accurate take-home pay of $613 is derived by properly accounting for federal and state taxes along with her contributions, ensuring that all financial obligations are met before determining the net income. Understanding these deductions is crucial for accurate financial planning and budgeting.
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