Register
4. Mary takes a full-time position that pays a salary of $64,500 per year. a) What is her pre-tax monthly income? b) The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for federal
484,707 views
10 votes
10 votes
4. Mary takes a full-time position that pays a salary of $64,500 per year. a) What is her pre-tax monthly income? b) The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for federal income tax. She does not live in a state with state income tax. What is her after-tax monthly income? 5. Scott takes a full-time position that pays an hourly wage of $28. The job assumes that he will work five 8-hour days a week. Use the tax info in #4. a) What is his gross annual income? b) What is his gross monthly income? Assume four weeks in a month c) What is his after-tax monthly income? 6. Steven takes a sales job that pays 5.25% commission. He typically sells $86,000 worth of merchandise per month.a) What is his gross annual income? b) What is his gross monthly income? c) What is his after-tax monthly income?

User MethodManX
by
2.8k points

1 Answer

15 votes
15 votes

\begin{gathered} For\text{ Mary} \\ a) \\ 1\text{ year has 12 months} \\ monthly\text{ income=}\frac{\text{\$64,500}}{12} \\ monthly\text{ income is \$5,375 } \\ \\ b) \\ SS=6.2\text{ \%=0.062} \\ Medicare=1.45\text{ \%=0.0145} \\ Tax=0.062+0.0145 \\ Tax=0.0765 \\ After\text{ tax income=\$5,375\lparen1-0.0765\rparen } \\ After\text{ tax income=\$4,963.8} \\ The\text{ after tax monthly income is \$4,963.8} \\ \\ For\text{ Scott} \\ a) \\ he\text{ works 8 hour per day} \\ He\text{ works 5 days per week} \\ one\text{ month has 4 weeks} \\ one\text{ year has 12 months} \\ Hence \\ Gross\text{ annual income=\lparen\$28\rparen\lparen8\rparen\lparen5\rparen\lparen4\rparen\lparen12\rparen} \\ Gross\text{ annual income=\$53,760} \\ \text{The gross annual income is \$53,760} \\ \\ b) \\ Gross\text{ monthly income=\lparen\$28\rparen\lparen8\rparen\lparen5\rparen\lparen4\rparen} \\ Gross\text{ monthly income=\$4,480} \\ The\text{ gross monthly income is \$4,480} \\ \\ c) \\ SS=6.2\text{\operatorname{\%}=0.062} \\ Med\imaginaryI care=1.45\operatorname{\%}\text{=0.0145} \\ Tax=0.0765 \\ After\text{ tax }\imaginaryI\text{ncome=}\operatorname{\$}4,480\operatorname{\lparen}\text{1-0.0765}\operatorname{\rparen} \\ After\text{ tax income=\$4,137.3} \\ The\text{ after tax income is \$4,1373} \\ \\ \text{For Steven} \\ a) \\ Gross\text{ annual income=\lparen\$86,000\rparen\lparen0.0525\rparen\lparen12\rparen} \\ Gross\text{ annual income=\$54,180} \\ The\text{ gross annual income is \$54,180} \\ \\ b) \\ Gross\text{ monthly income=\lparen86,000\rparen\lparen0.0525\rparen} \\ Gross\text{ monthly income=\$4,515} \\ \text{The gross monthly income is \$4,515} \\ \\ c) \\ SS=6.2\text{\operatorname{\%}} \\ Med\imaginaryI care=1.45\operatorname{\%} \\ Tax=0.0765 \\ After\text{ tax }\imaginaryI\text{ncome=}\operatorname{\$}4,515(1-0.0765) \\ After\text{ tax }\mathrm{i}\text{ncome=}\operatorname{\$}4,169.6 \\ The\text{ after tax income is \$4,169.6} \end{gathered}

4. Mary takes a full-time position that pays a salary of $64,500 per year. a) What-example-1
4. Mary takes a full-time position that pays a salary of $64,500 per year. a) What-example-2
4. Mary takes a full-time position that pays a salary of $64,500 per year. a) What-example-3
4. Mary takes a full-time position that pays a salary of $64,500 per year. a) What-example-4
User Ajay Mehta
by
2.7k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

1.6m questions

2.0m answers

Other Questions

Can anybody tell me what’s going on here?
Granola costs $1.76 per pound. Write and solve an equation to determine the number of pounds p of granola that can be purchased with $7.04. The equation is: The value of x is
Evalute 8a -1+0.5b when a =1/4 and b= 10 how dose this work i need help..
PLZ needed now plz URGENT!
HELP PLEASE, I NEED THE ANSWER QUICKLY
Link Copied!