Question
n 2016, to help pay for college, you worked part-time at a local restaurant, earning $ 31 comma 000 in wages and tips. Use the
n 2016, to help pay for college, you worked part-time at a local restaurant, earning
$ 31 comma 000
in wages and tips. Use the following information to complete parts (a) through (c) below.
For people who are not self-employed, the 2016 FICA tax rates were as follows: 7.65% on the first $118,500 from wages and tips 1.45% on income in excess of $118,500 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. | 2016 Marginal Tax Rates, Standard Deductions, and Exemptions | |||
---|---|---|---|---|
Tax Rate | Single | |||
10% | up to $9275 | |||
15% | $9276 to $37,650 | |||
Standard Deduction | $6300 | |||
Exemptions (per person) | $4050 |
a. Calculate your FICA taxes.
The FICA taxes are
$nothing
.
(Type an integer or a decimal. Round to two decimal places as needed.)
b. Calculate your income tax. Assume you are single with no dependents, have no adjustments or tax credit, and you take the standard deduction.
The income tax is
$nothing
.
(Type an integer or a decimal. Round to two decimal places as needed.)
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