1. Estimate Take Home Pay using tax brackets for 2019

Personal Exemption: $-0-

Standard Deduction: $12,200

ASSUME Gross Income = Adjusted Gross Income = $140,000.

ASSUME: Single filer, no adjustments, no dependents, will take the standard deduction

ASSUME: Only deduction for state income taxes is rental deduction; assume individual deducts the maximum allowable amount of $3,000.

State Income Tax: 5.05%

State Personal Exemption (single filer) = $4,400

Calculate the following -- SHOW YOUR WORK:

• Total Taxable Income:
• Total Federal Income Tax:
• Total State Income Tax:
• Total Social Security Tax:
• Total Medicare Tax:
• Total Federal and State Income Taxes:
• Total Social Security and Medicare:
• Total Income Tax and Payroll Taxes:
• Take Home Pay or After Tax Income: