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 = |
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Auditing
Authors: Allan Millichamp, John Taylor
9th Edition
1844809404, 978-1844809400
