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m_a_m_a [10]
3 years ago
12

Tim Worker estimates his taxable income will be $7,000. He is paid twice a month or 24 times a year. Because Tim has only one so

urce of income, he uses the Tax Tables to estimate how much will be deducted from his pay for withholding.

Mathematics
2 answers:
Hitman42 [59]3 years ago
6 0
<u><em>Answer:</em></u>
He pays $29.17 each time
This means that he pays $58.34 per month since he pays twice a month

<u><em>Explanation:</em></u>
The Individual's taxpayers table is shown in the attached image.
We know that the taxable income is $7000.
Based on the table attached, the taxes would be 10% of this income

<u>This means that:</u>
taxes = 0.1 * 7000 = $700

Now, we know that he pays twice a month. This means that he pays 24 times a year.
<u>Therefore:</u>
amount paid each time = \frac{700}{24} = $29.166 which is approximately $29.17

<u>Based on the above:</u>
He pays $29.17 each time
This means that he pays $58.34 per month since he pays twice a month

Hope this helps :)

forsale [732]3 years ago
3 0
$29.30 per period.
According to the tax table for 2017. A taxable income of $7000 will have a tax of $703.  703/24 = 29.29 per paycheck round up my 1 cent  to 29.30 to cover the additional 4 cents left over and recieve a 20 cent refund. Source https://www.irs.gov/pub/irs-pdf/i1040tt.pdf
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