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:
the circumference is 2.25675833π
simplify how you want
Step-by-step explanation:
Answer:
3xyzsquare root of xy^2
the third option
Step-by-step explanation:
look for what you cn take from all of it equally
Answer:
The monthly payment for this loan is $127.80
Step-by-step explanation:
The formula of the monthly payment is
- P is the initial amount of the loan
- n is the period of the time
- t is the time of the loan
∵ Mario is taking a $2,900, 2-year loan with an APR of 5.44%
∴ P = 2,900
∴ t = 2
∵ ART means annual percent rate
∴ r = 5.44% = 5.44 ÷ 100 = 0.0544
∴ n = 12
→ Substitute all these values in the formula above
∵ M.P = 
→ use your calculator to find the answer
∴ M.P = 127.7992528
→ Round it to the nearest cent ⇒ 2d.p
∴ M.P = 127.80
∴ The monthly payment for this loan is $127.80
