Question

Marty's friend Tom makes and hourly wage of $15.00 per hour. Using that there are 40 hours in a standard work week, there are 52 weeks in a year, Social Security Tax is $6.20 for every $100 earned, Medicare Tax is $1.45 for every $100 earned, and the following income tax designations, calculate the following (round your answers to the nearest penny if needed): A. Tom's annual income tax is $B. Tom's net annual income is $C.Tom's net monthly income is $

Answer 1

Given:-

Marty's friend Tom makes and hourly wage of $15.00 per hour. Using that there are 40 hours in a standard work week, there are 52 weeks in a year, Social Security Tax is $6.20 for every $100 earned, Medicare Tax is $1.45 for every $100 earned.

To find:-

A. Tom's annual income tax.

B. Tom's net annual income.

C.Tom's net monthly income .

So toms wage per week is,

`40*15=600`

So wage per week is $600.

So total income tax is,

`6(6.20+1.45)=6*7.65=45.9`

So the annual income tax is,

`52*45.9=2366`

So the required income tax is $2366.

Tom's net annual income is,

`52*600=31200`

So toms net annual income is $31200.

Tom's net monthly income is,

`600*4=2400`

So net monthly income is $2400.