The deductions from Jennifer Miller’s monthly pay are federal income tax (FIT) of $87, state income tax (SIT) of 2.5% of gross, city income tax (CIT) of 1.2% of gross, Social Security, and Medicare.Her monthly next pay is $3,981.22. Find Jennifer’s monthly gross pay. *
To find Jennifer's monthly gross pay, we need to calculate the total deductions subtracted from her monthly net pay.
First, let's calculate the deductions:
Federal Income Tax (FIT): $87
State Income Tax (SIT): 2.5% of gross
City Income Tax (CIT): 1.2% of gross
Social Security
Medicare
To calculate the State Income Tax (SIT), we need to convert the percentage into a decimal:
SIT = 2.5/100 = 0.025
To calculate the City Income Tax (CIT), we also need to convert the percentage into a decimal:
CIT = 1.2/100 = 0.012
Let's assume the monthly gross pay as x:
Total deductions = FIT + SIT * x + CIT * x + Social Security + Medicare
Next pay = Gross pay - Total deductions
$3,981.22 = x - (FIT + SIT * x + CIT * x + Social Security + Medicare)
Now, we need more information or assumptions about the specific amounts for Social Security and Medicare deductions to solve the equation and find x, which is Jennifer's monthly gross pay.
To find Jennifer's monthly gross pay, we need to reverse the process of deducting taxes and other deductions from her net pay.
Let's start by calculating the total amount of deductions based on the given information:
- Federal Income Tax (FIT) deduction: $87
- State Income Tax (SIT) deduction: 2.5% of gross pay
- City Income Tax (CIT) deduction: 1.2% of gross pay
- Social Security and Medicare deductions: Unknown
We know that Jennifer's monthly net pay is $3,981.22. This net pay already accounts for all the deductions mentioned above, except for the Social Security and Medicare deductions.
To calculate Jennifer's monthly gross pay, we need to add back the deductions to her net pay. Let's start by calculating the SIT and CIT deductions:
SIT deduction = 2.5% of the gross pay
CIT deduction = 1.2% of the gross pay
We can express these deductions as percentages of the gross pay and solve for the gross pay using the net pay.
Let's say the monthly gross pay is denoted by G. We can write the equation as follows:
G - FIT - (0.025 * G) - (0.012 * G) - (Social Security + Medicare) = $3,981.22
Now, let's solve the equation to find Jennifer's monthly gross pay:
G - 0.025G - 0.012G - (Social Security + Medicare) = $3,981.22 + $87
Combining like terms:
G - 0.037G - (Social Security + Medicare) = $4,068.22
Simplifying further:
0.963G - (Social Security + Medicare) = $4,068.22
Now, we need to determine the Social Security and Medicare deductions in order to solve for G, Jennifer's gross pay. To do that, we need more information. If we assume that the standard percentage deduction for Social Security and Medicare is 7.65% (combined), we can proceed with that.
Let's express the Social Security and Medicare deductions as percentages of the gross pay:
7.65% of G
Substituting the values into the equation:
0.963G - 0.0765G = $4,068.22
Combining like terms:
0.8865G = $4,068.22
Dividing both sides by 0.8865:
G ≈ $4,590.85
Therefore, Jennifer's monthly gross pay is approximately $4,590.85.
Assuming that "next pay" was meant to be "net pay".
Let x be her gross monthly pay.
x - 87 - 0.025x - 0.012x = 3981.22
Now solve for x.