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Tommy makes $200,000 per year. Tommy's monthly taxes are 10% for Federal Income Tax, 4.2% for Social Security Tax, 1.75% for Medicare Tax, and 0.5% for Local Taxes. What is Tommy's monthly Take Home Pay?

Sagot :

Parrain

Answer: $‭13,925‬

Step-by-step explanation:

Tommy makes $200,000 per year.

He then has to pay taxes of 10% for Federal Income Tax, 4.2% for Social Security Tax, 1.75% for Medicare Tax, and 0.5% for Local Taxes.

His total taxes are therefore:

= 10% + 4.2% + 1.75% + 0.5%

= 16.45%

Taxes in dollars are:

= Monthly salary * taxes

= (200,000/12 months) * 16.45%

= $2,741.67

Monthly take home pay:

= Monthly salary - monthly tax

= 200,000 / 12 months - 2,741.67

= 16,666.67 - 2,741.67

= $‭13,925‬

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