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Marie is a college professor. Her annual salary is 66,000. Calculate her monthly taxes belowGross Monthly Income $_____Monthly Federal Income Tax(18.7%) $____Monthly Social Security (FICA (6.2%) $____Monthly Medicare (1.45%) $____Monthly State Tax (4%) $____Monthly local Tax (0.1%) $____Total Monthly Deductions $____Jamals Net Monthly Income $_____

Sagot :

Given

Her annual salary is 66,000.

Procedure

Gross Monthly Income: $66,000/12=$5,500

Monthly Federal Income Tax(18.7%)= $5,500*0.187=$1028.5

Monthly Social Security (FICA (6.2%) =$5,500*0.062=$341

Monthly Medicare (1.45%) =$5,500*0.0145=$79.75

Monthly State Tax (4%)= $5,500*0.04=$220

Monthly local Tax (0.1%)= $5,500*0.001=$5.5

Total Monthly Deductions= $1028.5+$341+$79.75+$220+$5.5=$1,674.75

Jamals Net Monthly Income= $5,500-$1,674.75=$3,825.25

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