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TAX Tax Burden Directions: Calculate your tax burden using the following information Round to whole dollars The Median Per Capita Income in San Mateo County

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TAX Tax Burden Directions: Calculate your tax burden using the following information Round to whole dollars The Median Per Capita Income in San Mateo County is: $61,545 1) How much would you pay in FEDERAL Income Taxes? A: $ (Use this Tax Calculator - Change the Household Income - Change the location to San Mateo County) 2) How much would you pay in FICA Taxes? A: $ (Use the same Tax Calculator from Q1) 3) How much would you pay in CA State Income Taxes? A: $ (Use the same Tax Calculator from Q1)ok. 4) What is your Take-Home Pay? A: $ (Use the same Tax Calculator from Q1) 5) How much would you pay in Property Taxes? A: $ (Wee this Tax Burden - make sure you go to Property Tax tab - use dollar amount; not percent) 6) How much would you pay in Sales Tax? A: $ (Use the same Tax Burden from Q5 - make sure you go to Sales Tax Tab - use dollar amount; not percent) 7) How much would you pay in Gasoline taxes for buying 800 gallons of gas? A: $ (Use Tax Burden from Q5 - make sure you go to Sales Tax Tab) (Gallons of gas purchases x Tax Rate per Gallon) 8) How much money total are you paying in Taxes? A: $ (federal income tax + FICA + state income tax + property tax + sales tax + gas tax). 9) What is Bill's Tax Burden? A: % ((Money paid in taxes / Gross Income) x 100... this is a percent) 10) Do you think your tax burden is too high? Explain

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