A paycheck is issued for $329.40. the paystub reflects an amount earned of $400.00, medicare tax of $5.80, social security tax of $24.80, and a federal tax of $40.00. Based on the calculations, the net income for the paycheck is $329.40
What is Net Income?
Net income is defined as the amount of money that the individual gets after all the taxes have been deducted from the paystub amount as per the rules set by the government.
The net income is, therefore calculated as per the formula
Net Income = Paycheck - Medicare tax - Social Secrity tax - Federal tax
= $400 - $5.80 - $24.80 - $40
= $329.40
Hence we can see that the net income is $329.40.
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