. A married couple earned combined wages of $94,000. They have no children and made no 401(k) or other pre-tax contributions. They will claim the standard deduction. Their state allows an exemption of $1000 per person for a total deduction of $2000. Their state tax is a flat tax rate of 5%. a) Estimate the amounts of Federal and State taxes the couple will owe in 2022. b) Their employers withheld $12,600 for Federal income taxes. Determine whether they will get a federal tax refund or owe federal taxes. c) Their employers withheld $4,000 for State taxes. Determine whether they will get a state tax refund or owe state taxes 2. Simon Smith (see W2 on previous page) contributed $6000 to a tax-advantaged 401(k) plan. This reduced his federal, state, and local taxable income by $6000. It did not reduce the income subject to the Social Security and Medicare taxes. Simon is single and has no dependents. a) Determine the amounts of Social Security and Medicare taxes Simon should have had withheld. b) Simon chooses the standard deduction. Determine the amount of federal tax Simon owes. Round to the nearest whole dollar. c) Will Simon receive a tax refund, or will he owe additional federal taxes? (c) AltMathforHighSchool 2019-2023Taxes Name Jones earned $36,000 in 2022. He contribu taxes were a flat tax rate of 5% total. His er tod and local taxes. local a) Determine the amounts of Refund d) Simon lived in a state where he can claim a $1000 personal exemption, but no deductions other than 401 (k) contributions (box 12a). In 2022 his state had a flat state tax rate of 3.3%. His county tax rate Direct deposit? See instructions was 1.1%. Determine the amount of state and county ( local) tax that Simon owed for 2022. Round to Amount You Ow Third Party esignee the nearest whole dollar . State = $illl Your county = $70 e) After taxes and 401 (k) contributions are deducted, what was Simon's net monthly income? Effective Tax Rate is an individual's total federal tax divided by gross income. Sometimes FICA (Social Security and Medicare) taxes are included in the effective tax rate calculations. f) What was Simon's effective federal tax rate ( not including Social Security and Medicare Taxes)? g) If Simon had not contributed $6,000 to the 401(k) (pre-tax contributions) about how much more would he have paid in federal, state, and local income taxes? (c) AltMathforHighSchool 2019-2023