Based on Lauren's income and the various deductions, the net pay for April is $1,151.44.
What is the taxable income?
Taxable income:
= Semimonthly income - 401k - Section 125 plan
= (51,680 / 24 pay periods) - (0.03 x 51,680/24 periods) - 139
= 2,153.33 - 64.6 - 139
= $1,949.73
What is Lauren's April net pay?
= Taxable income - federal income tax - state income tax - social security - Medicare - advance repayment
= 1,949.73 - (1.6% x 1,949.73) - (5.25% x 1,949.73) - (6.2% x 2,153.33 gross income) - (1.45% x 2,153.33) - 500
= $1,151.44
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