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- You have just accepted your first full-time job as assistant manager. You will be earning a salary of $625 per week. That sounds like a lot of money, but you know there will be deductions from your paycheck, such as federal income tax, Social Security tax, and medical insurance. Let’s find out how much you will actually make. 1 You are single and claim no allowances. How much is deducted from your weekly paycheck for federal income taxes? 2Your state tax income rate is 4.2% on all gross income. How much is deducted from your weekly paycheck for state .income taxes? 3.Your local tax rate is 2.1% on all gross income. How much is deducted from your weekly paycheck for local tax? 4.Social security tax is deducted at the standard rate of 6.2%. How much will you pay into Social Security each week? 5.Medicare is deducted at the standard rate of 1.45% on all earnings. How much will your pay into Medicare each week? 6.You know it’s a good idea to have medical insurance.…Suppose you have a job that pays you $15,000 a year. You receive a credit application in the mail stating that you have been pre-approved for $3,000 in credit, but that you must make at least $18,000 a year to receive the card. What should you do?You have been hired for your dream job in healthcare. Your salary is $10,000 per month. Your taxes are $2500 per month. Your rent, food and transportation are a total $5000 per month. How much is your gross income? How much is your disposable income? What is another more common word for disposable income? How much is your discretionary income? Give me one example of what you would use your discretionary income for and how much you'd spend on that item?
- Kaleb Makes a salary of $5,000 per month and has no other loans. What maximum amount of monthly home paymment ( mortgage, insurance, and property tax) can he realistically afford? 1. $750 2. $1,500 3. $2,500 4. $2,750 5. $4,2500. Assume that upon graduation you make$63,500per year. What are the legally required costs for Social Security, Old-age, Survivors, and Disability Insurance, \& Medicare for the firm you work for in both dollar values and percentages? How much will you have to pay yourself? How much would you pay if you were self-employed earning the same amount?i live in NY and make $45 a hr and i work just 35 hrs a week how much taxes would they detuct from me??? (percentage)
- A senior citizen gets a part-time job at a fast-food restaurant. She earns $9 per hour for each hour she works, and she works exactly 30 hours per week. Thus, her total pretax weekly income is $270. Her total income tax assessment each week is $50, but she has determined that she is assessed $3 in taxes for the final hour she works each week. This person's average tax rate each week is percent. (Round your answer to one decimal place)Use Exhibit 14.2 to estimate the average Social Security benefits for a retired couple. Assume that one spouse has a part-time job that pays $28,000 a year, and that this person also receives another $47,000 a year from a company pension. Assume, that the earnings limit was $17,040 per year. Also assume for Social Security benefits the recipients are aged below 67 and will lose $1 in benefits for every $2 they earn above the earnings test amount. Also assume that they would have to pay taxes of 50% on a combined income between $32,000 and $44,000, of their Social Security benefits. If their combined income is more than $44,000, up to 85% of their Social Security benefits is subject to income tax. Round your answer to the nearest dollar.$ __________ Based on current policies, would this couple be liable for any tax on their Social Security income?-Select: YES or NOYou have a job offer of $51,600. You are paid semi-monthly, and you want to buy health insurance which is an adjustment to your pay. The health insurance costs $200/month. You also want to contribute 3% of your Gross paycheck into a retirement account which is also an adjustment. Your tax rate is 10%, and you have a $20 paycheck deduction for dental insurance, what is your net pay? Pay careful attention to each component of this question. O $1803.47 Ⓒ$1,682.35 Ⓒ$1,676.95 O $1,766.95
- Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. a. Calculate her Federal Withholding Tax for the pay period using the Wage Bracket Method. b. Find Alexa’s net pay, in addition to all mandatory deductions, she has union dues of $5.00, she has both medical and dental insurances and she has a cafeteria plan contribution of $15.00.Use the following to answer questions 14 – 18 You have been working at a local distributor for the past couple of years. Your bi-weekly salary is $1,500. Your average income tax rate is 12% plus FICA taxes at 7.65%. Your employer provides health insurance to you which costs your employer $500.00 per pay and costs you $30 per pay (assume this is after tax). Determine the following based on your pay for your LAST paycheck of the year. How much will your employer withhold from your paycheck for federal income 14. $ taxes? 15. 2$ How much will your employer withhold from your paycheck for FICA taxes? How much will your employer direct deposit into your bank account for your pay 16. $ 17. $ What is your total cost to your employer for the bi-weekly pay period? $4 If you work 80 hours bi-weekly, what is the average hourly cost to your employer for (round to the nearest cent) 18. your services?Imagine that a student graduated from college with a degree in education, and they got a full-time job in teaching. This work, which usually consists of teaching five days a week, brings in about $3,200 a month. This individual is living with their parents, but have credit card bills, car payments, student loan payments, car insurance payments, etc. Their total debt is $53,000. If they cannot make all the payments due monthly on their debts, which of the following is the best answer? They can file a Chapter 13 and the trustee in bankruptcy will reduce some of their debt and extend it over a longer time. They cannot file for bankruptcy because their debt is too low. O They cannot file for a Chapter 7 Bankruptcy. They will not qualify for a Chapter 13 Bankruptcy. none of these