Question
n a few years, you will be making $180,000 annual gross salary. Suppose your average income tax withheld each month = .268 of your monthly
n a few years, you will be making $180,000 annual gross salary. Suppose your average income tax withheld each month = .268 of your monthly salary $180,000/12. In addition the withholding for FICA (social security and Medicare) is 7.65% of your monthly salary. Additionally, your 401(K) withholding is $350/month and other withholdings (extra life insurance, your part of health insurance, misc.) is $280/month. Complete the following table to find MONTHLY take home pay, and the % of your monthly salary you received each month.
| Gross monthly salary = |
| Income tax withholding = |
| FICA withholding = |
| 401(K) Contribution = |
| Other Withholdings = |
| Total Withholding = |
| Take Home Pay = |
| % of Monthly Salary received = |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started