Need help with questions 5&6 as my annual pay is $58,260.80 a year.

account and you contribute 10% of your gross earnings. Determine 10% of your gross earnings to calculate your retirement contribution. 10 percent of my gross earnings would equate to $5,826.08 in annual retirement contributions, or $5,826.08 in total. I came up with this gure by multiplying 10 percent by my annual pay of $58,260.80 and dividing the result by 100. S) Subtract your retirement contribution from your salary. Round to the nearest dollar. We will refer to this as your annual taxable income. This is the amount you will use in the upcoming tax payment questions. My taxable income for the year would be $52,434.72, which would be rounded up to $52,43 5.00. 6) The following tax table provides Maryland tax rates for a person with a single ling status. 2018 Ma land Tax 200% oftotal income $20 .lus 3.00% of the amount over "I 000 $50.1us 4.00% of the amount over $2 000 090 1115 4.75% of the amount over $3 000 $100,001 - $125,000 $4,697.50 plus 5.00% of the amount over $100 000 $125,001 - $150,000 $5,947.50 plus 5.25% of the amount over $125 000 $150,001 - $250,000 $7,260.00 plus 5.50% of the amount over $150 000 Over $250 000 $12 760.00 lus 5.75% of the amount of $250 000 For example, if your taxable income is $40,000, your estimated Maryland Tax payment rounded to the nearest dollar is given by: Based on your annual taxable income in question ve, use this 2018 tax table to calculate the amount of Maryland State income tax you will owe. Round your nal answer to the nearest dollar. 7) The following tax table provides Federal tax rates for a person with a single ling status. 2018 Federal Tax $0 - $9 525 10% of total income $9 526 - $38 700 $952.50 lus 12% of the amount over $9 525 $38 701 - $82 500 $4 453.50 -lus 22% of the amount over $38 .700