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
2 greens
1 black 1 green
2 blacks
Hope this helps ;p have a nice day!
~pam
You would round it up to 9,400 because the 8 is next to the 3 and 8>5
This function shows growth because the value that the base value of 6 is being multiplied by is 1.2. If the multiplication value is greater than 1, the function will grow. However, if it is less than 1, the function will decay.
Each snack cost 3.50 and she bought four, one for each child. The child who wrote it only took one snack into account.
The equation should be 14+4x=44
14 being all four snacks
