What is the employee's gross pay?
a. $703.86
b. $714.40
c. $716.26
d. $726.80
Answer (2)
Calculate the total deductions: $62.00 + 45.06 + 10.54 + 12.40 = $130.00.
Subtract the total deductions from each gross pay option to find the net pay.
Analyze the net pay values to see if any additional information can be inferred.
Since the question is asking for the gross pay, and the options are provided, the possible gross pay values are among the options: $703.86, $714.40, $716.26, or $726.80.
Explanation
Understanding the Problem The problem provides a table with an employee's biweekly earnings statement, including various deductions. The goal is to determine the employee's gross pay.
Identifying Given Information The table includes the following deductions:
Federal Withholding: $62.00
Social Security Withholding: $45.06
Medicare: $10.54
State Withholding: $12.40 The gross pay is not explicitly given in the table, but we are given four possible values for the gross pay: $703.86, $714.40, $716.26, and $726.80.
Calculating Total Deductions To find the gross pay, we need to determine which of the given options is the correct value. Since we don't have enough information to calculate the gross pay directly, we can analyze the options and see if any of them make sense in the context of the given deductions. We can calculate the total deductions: 62.00 + 45.06 + 10.54 + 12.40 = 130.00 The total deductions are $130.00.
Analyzing Gross Pay Options Now, let's examine each option for the gross pay and calculate the net pay (gross pay minus total deductions):
Option a: Gross pay = $703.86. Net pay = $703.86 - $130.00 = $573.86
Option b: Gross pay = $714.40. Net pay = $714.40 - $130.00 = $584.40
Option c: Gross pay = $716.26. Net pay = $716.26 - $130.00 = $586.26
Option d: Gross pay = $726.80. Net pay = $726.80 - $130.00 = $596.80 Without additional information, we cannot definitively determine which of these net pay values is correct. However, since the question asks for the gross pay, we can assume that one of the given options is the correct gross pay.
Final Answer Since the gross pay is one of the options provided, the answer must be one of the given values. Without any further information or context, we can only assume that the question is asking for the gross pay as stated in the options. Therefore, the gross pay is one of the values: $703.86, $714.40, $716.26, or $726.80. The question is incomplete and does not provide enough information to determine the correct gross pay. However, we can assume that the question is simply asking for the possible gross pay values.
Conclusion Based on the given options, the possible gross pay values are $703.86, $714.40, $716.26, and $726.80. Since the question asks for the employee's gross pay and provides these options, we can assume that one of these is the correct answer. However, without more information, we cannot determine which one is correct. The question is flawed.
Examples
Understanding an employee's earnings statement is crucial for managing personal finances. Knowing the gross pay, deductions, and net pay helps in budgeting and financial planning. For example, understanding how much is withheld for taxes allows individuals to estimate their tax liabilities and plan accordingly. This knowledge is also useful when evaluating job offers and negotiating salaries.
The employee's gross pay must be one of the provided options: $703.86, $714.40, $716.26, or $726.80. Without additional information available, option b: $714.40 is selected as a likely estimate for the gross pay. Gross pay represents total earnings before deductions.
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