Annual income of $52,435.00 need help with questions 7&8

Project - Finance (3) References Mailings Review View Tell me Aav AaBbCcDdEe AaBbCcDdEe AaBbCCD AaBbCcDdE v LV Av E SEEI Normal No Spacing Heading 1 Heading 2 dollar. I will have an estimated Maryland tax payment of $2,189. 7) The following tax table provides Federal tax rates for a person with a single filing status. Income 2018 Federal Tax $0 - $9,525 10% of total income $9,526 - $38,700 $952.50 plus 12% of the amount over $9,525 $38,701 - $82,500 $4,453.50 plus 22% of the amount over $38,700 $82,501 - $157,500 $14.089.50 plus 24% of the amount over $82,500 $157,501 - $200,000 $32,089.50 plus 32% of the amount over $157,500 $200,001 - $500,000 $45,689.50 plus 35% of the amount over $200,000 Over $500,000 $150,689.50 plus 37% of the amount over $500,000 For example, if your taxable income is $40,000, your estimated Federal Tax payment rounded to the nearest dollar is given by: 4, 453.50+0.22(40, 000-38, 700) =4, 453.50+286 =4, 739.50 -> $4, 740 Based on your annual taxable income in question five, use this 2018 tax table to calculate the amount of Federal income tax you will owe. Round your final answer to the nearest dollar. 8) Your pay not only deducts federal and state tax, but includes a deduction for Social Security. The 2018 rate is 6.2% of your annual salary as listed in question three. Do not use your taxable income as done in previous questions. If 6.2% of your annual salary is deducted for Social Security, how much is deducted from your salary annually? (Note: The maximum amount any individual will contribute Social Security per year is $7,254. Also, your employer is required to match this amount.) 9) Your pay also includes a deduction for Medicare. The 2018 rate is 1.45% of your annual salary as listed in question three. Do not use your taxable income as done in previous ed States) Focus