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? 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? Taxable income Single Tax Rate 10% 0-9,950.00 12% 9,950.00 - 40,525.00 22% 40,525.00 - 86,375.00 24% 86,375.00 - 164,925.00 32% 164,925.00 - 209,425.00 35% 209,425.00 - 523,600.00 37% 523,600.00 or more Standard Deduction (2019 - $12,550 for sir Col