Maxwell Washington's net pay is $2920.4
The money a person receives from their employer at the end of the month is referred to as their net income. Because taxes and other deductions are subtracted from net income, it is less than gross income in value.
A calculation of Maxwell Washington's net pay is shown below using the formula:
Net pay = Gross earnings - Federal income tax withholding - (Gross earnings * Social security tax rate) - (Gross earnings * Medicare tax rate)
Net pay = $3,920 - $705.60 - ($3,920 * 6%) - ($3,920 * 1.5%)
Net pay = $3,214.4 - ($3,920 * 0.06) - ($3,920 * 0.015)
Net pay = $3,214.4 - $235.2 - $58.8
Net pay after deductions= $2,920.4
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