Find the total tax deductions for each of the following weekly paychecks. weekly pay $180.00 $350.00 $600.00 FICA (7.65%)
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First, we need to calculate the FICA tax deduction for each weekly paycheck. Show more…
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Georgiann A.
For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A woman earned a salary of $22,000 and received $1150 in interest. Tax Rate: 10%, 15%, 25%, 28%, 33%, 35%, 39.6% Standard deduction: $6350 Exemption (per person): $4050 FICA tax rates: 7.65% on the first $127,200 of income from wages and 1.45% on any income from wages in excess of $127,200.
Madhur L.
You have a part-time job paying $8.95/hr and your deductions are FICA (7.65%), federal tax (9.3%), and state tax (5.8%). You save $30.00/wk for a savings account. If you work 15 hours/wk, how much discretionary income is left each week? Assume that all of the income from your part-time job is discretionary.
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