Question
Boris is a web developer. His annual gross salary is $45,000. From this, he must pay social security (calculated as 10% of his gross pay)
Boris is a web developer. His annual gross salary is $45,000. From this, he must pay social security (calculated as 10% of his gross pay) plus income tax (on the gross pay before the social security deduction).
There is a progressive tax system for calculating income tax, where the first $10,000 is tax free, and anything above $10,000 is taxed at 25%.
What is his take home pay? Round your answer to the nearest dollar.
Step by Step Solution
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Step: 1
To calculate Boriss takehome pay we need to determine his total deductions for social ...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
