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:
1.3
Step-by-step explanation:
20/100 x 6 5/10 =
1 3/10
Hopes this helps
Answer:
Hope Choose Capital one who is the person I was just thinking about parallel with you and I hope you feel
Answer:
22.77%
Step-by-step explanation:
4351-3360 / 4351 x 100 = 22.77%
In slope-intercept form, we have these values (y = mx + b):
m = slope
b = y-intercept
Change the equation from standard form to slope-intercept form.
-9x + 7y = 28
-9x + 9x + 7y = 28 + 9x
7y = 28 + 9x
7y/7 = 28/7 + 9x/7
y = 4 + 9/7x
y = 9/7x + 4
Therefore, the y-intercept is 4.
Best of Luck!
