1. The pay stub shows a gross pay of $1,200.00 for the pay period.
2. Federal income tax withheld is $150.00.
3. Social Security tax withheld is $74.40 (6.2% of gross pay).
4. Medicare tax withheld is $17.40 (1.45% of gross pay).
5. State income tax withheld is $60.00.
6. Net pay (take-home pay) is calculated by subtracting all deductions from gross pay: $1,200.00 - $150.00 - $74.40 - $17.40 - $60.00 = $898.20.
7. Year-to-date (YTD) gross pay is $14,400.00, indicating this is the 12th pay period of the year ($1,200.00 × 12).
8. YTD federal tax withheld is $1,800.00, which matches 12 times the current period’s federal tax ($150.00 × 12).
9. YTD Social Security tax withheld is $892.80, matching 12 times the current period’s Social Security tax ($74.40 × 12).
10. YTD Medicare tax withheld is $208.80, matching 12 times the current period’s Medicare tax ($17.40 × 12).
11. YTD state tax withheld is $720.00, matching 12 times the current period’s state tax ($60.00 × 12).
12. YTD net pay is $10,778.40, matching 12 times the current period’s net pay ($898.20 × 12).
Parent Tip: Review the logic above to help your child master the concept of dave ramsey worksheet answers.
