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) Mary makes $16,000 a month (gross). She is married and claims 5 exemptions. Her state income tax withholding is 5%. (Use the texts limit
) Mary makes $16,000 a month (gross). She is married and claims 5 exemptions. Her state income tax
withholding is 5%. (Use the texts limit for social security, for parts a-c.)
a. What is Marys net pay for January? (After ALL taxes and withholdingsSS, Med., FIT, SIT)
Show each tax/withholding amount (list Gross, then list each tax subtracted out to get net pay).
b. What is Marys net pay for September? (Not cumulative, JUST Septembers net pay.)
c. What are Marys total taxes paid/withheld for the year? (Specify amounts for each tax.)
d. What is the current years (2022s) income limit (base) for social security and maximum social security
tax payable (in dollar amount)?
(A spreadsheet is a great tool for this problem.)
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