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3 years ago

A college student, trey works part time for an annual salary of $13,500 a year. What is his monthly taxes?

History

1 answer:

Temka [501]3 years ago

3 0

Answer:

Gross monthly income:$1,125

Monthly Federal income tax (11.6%): $130.50

Monthly Social security (FICA) (6.2%): $69.75

Monthly Medicare (1.45%): $16.3125

Monthly State Tax (4%): $45

Monthly Local Tax (0.1%): $1.125

Total Monthly deductions $262.6875

Trey’s NMI $862.3125

Explanation:

Calculation for What is his monthly taxes

First step is to calculate the Gross monthly income

Using this formula

Gross monthly income=Annual salary/Numbers of months in a year

Let plug in the formula

Gross monthly income=$13,500/12 months

Gross monthly income=$1,125

Therefore the Gross monthly income is :$1,125

Monthly Federal income tax (11.6%): $130.50

($1,125*11.6%)

Monthly Social security (FICA) (6.2%): $69.75

($1,125*6.2%)

Monthly Medicare (1.45%): $16.3125

($1,125*1.45%)

Monthly State Tax (4%): $45

($1,125*4%)

Monthly Local Tax (0.1%): $1.125

($1,125*0.1%)

Total Monthly deductions $262.6875

($130.50+$69.75+$16.3125+$45+$1.125)

Trey’s NMI $862.3125

Trey’s NMI=Gross monthly income-Total Monthly deductions

Trey’s NMI=$1,125-$262.6875

Trey’s NMI=$862.3125

Therefore his monthly taxes are:

Gross monthly income:$1,125

Monthly Federal income tax (11.6%): $130.50

Monthly Social security (FICA) (6.2%): $69.75

Monthly Medicare (1.45%): $16.3125

Monthly State Tax (4%): $45

Monthly Local Tax (0.1%): $1.125

Total Monthly deductions $262.6875

Trey’s NMI $862.3125

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