Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CONGRATULATIONS!!! You recently landed the job of a lifetime! Your gross annual salary is $125,000. Before taxes, $120 is taken out for an HSA (Health

image text in transcribed

CONGRATULATIONS!!! You recently landed the job of a lifetime! Your gross annual salary is $125,000. Before taxes, $120 is taken out for an HSA (Health Savings Account) each paycheck, followed by medical insurance, which is 3.5%. Taxes (Federal, Social Security, and Medicare) are then taken out of your pay. You currently have 3 roommates, with whom you split rent and bills on a $2275 per month townhouse where utilities (gas, water, electric, cable... etc) total another $735. You have an outstanding loan that costs you $250 per month. ** Assume there are 2 pay periods (4 weeks) in a month and that you are filing taxes in April 2022. 1. a. What is your taxable income? (10 points) b. How much is taken out ANNUALLY for Federal Taxes? Social Security? Medicare? (10 points) How much money do you have left over at the end of each month after these deductions and expenses are removed? (10 points) C

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Michael J. Jones

2nd Edition

0470017791, 978-0470017791

More Books

Students also viewed these Accounting questions