solve the following Paul paycheck, math homework help

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Mathematics

Description

Answer the following questions using Paul Santiago’s paycheck. Be sure to show every step of your calculation. Round all final answers to the nearest hundredths place (two decimal places). Only final answers may be rounded.

1.What percentage of Paul Santiago’s gross income goes toward his dental coverage?

2. What percentage of Paul’s gross income is his net pay?

3. What percentage of Paul’s gross income goes toward taxes and deductions?

4. Each paycheck, Paul spends one sixth of his net pay on gasoline. How much money is that?

5a. Each paycheck, Paul Santiago spends 25% of his net pay on entertainment. How much money is that?

5b. Paul wants to spend $50.00 less on entertainment each paycheck. If he does this, what percentage of his net pay will be spent on entertainment?

6a. Since Paul received a raise this month, his gross income will be $1451.46 in his next paycheck. By what percent will his gross income increase?

6b. How can you write that percentage as a decimal?

6c. How can you write that percentage as a fraction?

Unformatted Attachment Preview

Employee: Employee ID: Pay Begin Date: Pay End Date: Santiago, Paul 123 Main Street Boston, MA 12345 USA Advice Date: Advice #: Net Pay: 11111 01/01/2013 01/15/2013 TAX DATA Department: HR & Payroll Systems Admin Work Location: 100 Main Office Road Paycheck Location: HR Payroll Marital Status Pay Group: Semimonthly Description 0.00 1423.00 TOTAL 0.00 1,423.00 BEFORE-TAX DEDUCTIONS Description Parking, Pre-Tax Medical Dental Current 15.50 Addl. Amt. $0.00 $0.00 1,423.00 TOTAL 55.85 55.85 6.78 6.78 Long-Term Disability 7.16 7.16 TAXES YTD Description 10.00 10.00 Employee Life* State Pension Plan 285.27 285.27 TOTAL Current YTD 59.76 20.64 67.49 57.66 205.55 59.76 20.64 67.49 57.66 205.55 EMPLOYER PAID BENEFITS 199.98 199.98 Employee Life TOTAL 0.00 0.0% 0.00 15.50 United Way Married 0.0% 1,423.00 FICA FICA-Med FWT MA SWTH Current Married Addl. % 0.00 Description MA State 1.00 AFTER-TAX DEDUCTIONS YTD Federal Allowances HOURS AND EARNINGS ----- Current ------- Year-to-Date --Hours Earnings Hours Earnings Description Regular Pay 01/15/2013 111111 $922.28 10.00 10.00 Current 2.25 YTD 2.25 101.80 101.80 * Taxable TOTAL GROSS Current 1,423.00 Year-to-Date 1,423.00 TOTAL TOTAL TAXES DEDUCTIONS NET PAY Current 205.55 295.27 922.28 Year-to-Date 205.55 295.27 922.28 DIRECT DEPOSIT DISTRIBUTION Bank Name Account Type Account No. Any Bank USA Savings 111111 Deposit Amt. 922.28
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Explanation & Answer

Hi, please find the attached excel sheet for the answers. Note that all the workings have been shown where applicable and the final answers to each sub-questions have been highlighted in bold-type.

Gross Income
Net Pay

$ 1.423,00
$ 922,28

1 Dental Coverage

$

55,85

Therefore, % of gross income = Dental Coverage/Gross Income * 100%
= 55.85/1,423*100%
3,92%
2 Net Pay/Gross Income * 100%
= 922.28/1,423*100%
3 Total Taxes and Deductions

64,81%
$ 500,82

Formula: Taxes and Deductions/Gross Income * 100%
= 500.82/1,423*100%
35%
4 Spend on gasoline = 1/6*Net Pay
=1/6*922.28
$ 153,71
5a Sp...


Anonymous
This is great! Exactly what I wanted.

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