Question

If 6.2% is deducted for FICA, 1.45% is deducted for Medicare, and 8% is deducted for Federal Income Tax, Calculate sally's after tax monthly income if Sally makes $28,044 per year. (round answer to nearest whole number)

Answer 1

23,655.11

Explanation:

First, calculate the taxes

FICA 28,044 X .062=1738.73

MEDICARE 28044 X .0145=406.64

Federal 28044 x .08 = 2243.52

After tax income is

28044-1738.73-406.64-2243.52=23,655.11