Personal Finance Worksheet Ny State

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Personal Finance Worksheet
Topic 1 –NY State Income Tax – Withholding Amounts Day 2
For each pay paycheck scenario, find:
a) the amount of gross pay per period
b) Taxable Income (Gross Pay – Health Insurance)
c) Social Security deduction - 6.2%
d) Medicare deduction - 1.45%
e) Federal Tax withheld
f) NY State tax withheld
g) Net Pay (Take Home Pay)
1) Carrie makes $14 an hour and works 35 hours per week. She gets paid every week. She
is single and has claimed 1 dependent. She has $120 per check deducted for health
insurance
2) Ryan makes $25,000 per year and is paid every week. He is single and has claimed 0
dependents. Ryan uses his parents’ health insurance and thus has no deduction.
3) Kim makes $90,000 per year and is paid every two weeks. She is married and has
claimed 1 dependent. She deducts $300 per paycheck for health insurance
4) Carl makes $10 per hour, works 31 hours per week and is paid bi-weekly (every two
weeks). He is married and has claimed 3 dependents. Carl uses his wife’s health
insurance, so he has no health deductible

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