Pretend that you are grown up and on your own, starting your life in your chosen career. Create a personal budget for your new, independent life.
Find a typical starting salary for a career that interests you from an online source. (You can use the salary you located earlier in the discussion about cost of living adjustments.)
Chosen career: Veterinarian
Typical starting salary: ___________________________________
Calculate the taxes you would have to pay on this salary. Be sure to show your calculations.
First, find your annual income tax based on this rate schedule: ______________
2013 U.S. Federal Income Tax Rates for Single Adults
10% on taxable income from $0 to $8,925, plus
15% on taxable income over $8,925 to $36,250, plus
25% on taxable income over $36,250 to $87,850, plus
28% on taxable income over $87,850 to $183,250, plus
33% on taxable income over $183,250 to $398,350, plus
35% on taxable income over $398,350 to $400,000, plus
39.6% on taxable income over $400,000.
Then, find your annual social security tax (6.2 percent of total income): __________________
Next, find your annual Medicare tax (1.45 percent of total income): ___________________
Now find your net annual income after taxes (subtract your federal income tax, social security tax, and Medicare tax, from your annual salary: ____________________
Now that you’ve found your net annual income, divide this number by 12 to find your net monthly income: ___________________
HELP PLEASE