For questions 5–10, you will be answering by filling in the blanks.
Round to the nearest penny.
You work a part-time job at $7.85/hr for 10 hours per week. Your deductions are FICA (7.65%), federal tax withholding (9.8%), and state tax withholding (5.5%). What is your net hourly wage?
Net hourly wage: $7.85 x (1 - 0.0765 - 0.098 - 0.055) = $7.85 x (1 - 0.2305) = $7.85 x 0.7695 = $6.04
Therefore, your net hourly wage is $6.04.