The amount that Tonja will save in Federal Income and FICA Taxes if she has her childcare expenses deducted from her check before taxes is: $26.17
<h3>What is Federal Income Tax?</h3>
Federal Income Tax is a tax that is levied by the Federal Government and most states in the United States of America. It comprises of 7 tax rates.
<h3>What is FICA Tax?</h3>
FICA Tax is a Federal Insurance Contributions Act Tax. This tax is levied on every payroll of employees to fund Social Security and Medicare programs. This is divided into two parts:
- Social Security Tax which is 6.2% and
- Medicare Tax which is 1.45%. The total is 7.65%
How to calculate Tonja's Tax before deduction
Federal Tax rate first level is 10% on 0$ - $19,900.
1) Hence, the first tax is 10% on $600, which is $60
2) The next tax is FICA. This is applied to the Gross Pay of $600.
Applying both taxed under FICA we have 7.65% * $600 = $45.9
Total Tax before a deduction is:
$60 + $45.9 = $105.6
The Tax Payable if childcare expenses is deducted first will be:
10% on $450 = $45
7.65% on $450 = $34.43
Total = $79.43
Hence the tax savings will be:
105.6 - 79.43 = $26.17
Learn more about FICA Tax at:
brainly.com/question/3214345
Answer:
D
Step-by-step explanation:
Area is found by LxWxH
A polygon is a triangle it has 3 sides.
Answer:
The description is as follows:
Step-by-step explanation:
The description of the net of a rectangular prism is as follows:
The length i.e. 12 centimeters would be multiplied by width of 9 and then it added to the height i.e. 5 centimeters
The above represent the description of the net of a rectangular prism
Answer:
$37.12
Step-by-step explanation:
When $816.64 is divided 22 ways, each portion is (not surprisingly) ...
... $816.64/22 = $37.12
