Assume the State Taxes would be $2,977. Assume that FICA - Social Security is 6.20% of Gross Pay; and assume that FICA -- Medicare is 1.45% of Gross Pay 3 What is the resulting Annual Net Pay? (Net Pay would be Gross Pay less: Federal Taxes, State Taxes, FICA - Social Security and FICA Medicare). 4 What is the resulting Monthly Net Pay? 5 Given that Monthly Net Pay, how would you allocate that amount among the items listed below to create a monthly budget? Q Housing Auto Insurance Food Entertainment CIL -New cost center Exams Comi # For Roger Holis 2 ARTH 347 12 lio SA paper Finance in 59 Mgmt 330 rehensive exam |-gmt att -HOMT 493 10# torcovi D-19 9800 - Finance 11 N640427011 -# for John Dough-ARTH (al N040427012 Farm Fund ove 12113 @ 5pm assign 18114 A 40438 min Assume you start a job making $62,550 per year (Gross Pay). You will use the Standard Deduction to arrive at your Taxable income. Assume that you will file as a Single Taxpayer. 1 Using the Standard Deduction for Single Taxpayers for 2021 (provided in the Course Notes), what would be the Taxable income? Gross income-standard deduction for single taxpayers =62,550 - 12,550 = 50,000 is the taxable income for 2021 2. Using the Single Federal Tax Table provided in the Course Notes, and the calculated Taxable Income, what would be the Federal Tax Amount? Assume the State Taxes would be $2,977. Assume that FICA - Social Security is 6.20% of Gross Pay, and assume that FICA - Medicare is 1.45% of Gross Pay 3 What is the resulting Annual Net Pay? (Net Pay would be Gross Pay less: Federal Taxes, State Taxes, FICA - Social Security and FICA - Medicare). 4 What is the resulting Monthly Net Pay? 5 Given that Monthly Net Pay, how would you allocate that amount among the items listed below to create a monthly budget? Housing Auto Insurance Food Entertainment e -New COST Center Search R AETH 207 110 Exams Comir