Answer:
One that compound interest daily.
Step-by-step explanation:
The account that compound interest daily earn us more money because the interest calculated in this type of account is on daily basis. so we get more money compare to other accounts.
And in this type of account we get interest on the interest amount also on the daily basis. So we get more amount on this type of account other than the other accounts. so these account are the best for interest purposes
You divide 8644 by 8 which equals 1080.5, but since you can't have half of one person you approximate it to 1080 or 1081.
I just found 10% of it, which is 14, then found 5% of it through the previous work, which is 7
then i multiplied 7 by 11, because 55/5 is 11, so 55% of 140 is 77
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
