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
95,438 - 62,804= 30,000 when rounded
Answer:
6
Step-by-step explanation:
9.3 × 107 would be the scientific notation
The special is cheaper than Bella's price. Then the correct option is B.
<h3>What is the linear system?</h3>
A linear system is one in which the parameter in the equation has a degree of one. It might have one, two, or even more variables.
Suppose another company offers a special banquet price of $4,000 for 150 people.
Then the special is cheaper than Bella's price.
Then the correct option is B.
More about the linear system link is given below.
brainly.com/question/20379472
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