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Juanita receives her paycheck and knows that her gross pay and federal tax are correct. Using the fact that Social Security tax is [tex]$6.2 \%$[/tex] of gross pay, Medicare tax is [tex]$1.45 \%$[/tex] of gross pay, and state tax is [tex]$19 \%$[/tex] of federal tax, determine if Juanita's net pay is correct.
Choose the true statement below: a. The net pay is correct. b. The Social Security tax is not correct. c. The Medicare tax is not correct. d. The state tax is not correct.
Please select the best answer from the choices provided.
Social Security Tax: [tex]\[
0.062 \times 1020.00 = 63.24
\][/tex] The reported value for Social Security tax is [tex]\( \$63.24 \)[/tex], which matches our calculation.
Medicare Tax: [tex]\[
0.0145 \times 1020.00 = 14.79
\][/tex] The reported value for Medicare tax is [tex]\( \$14.79 \)[/tex], which matches our calculation.
3. Calculating State Tax (19% of Federal Tax): Federal Tax: [tex]\( \$107.00 \)[/tex]
State Tax: [tex]\[
0.19 \times 107.00 = 20.33
\][/tex] The reported value for State tax is [tex]\( \$20.33 \)[/tex], which matches our calculation.
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