Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is a list of taxes that will be taken out of your monthly check in the state of Kentucky. - FICA - Federal

image text in transcribed
image text in transcribed
The following is a list of taxes that will be taken out of your monthly check in the state of Kentucky. - FICA - Federal Insurance Contribution Act Taxes - Federal Income Tax Table - Kentucky State Income Tax 6% - Bowling Green Occupational Tax 1.85% Warren County Occupational Tax 0.5% - FICA Medicare Tax 1.45% - FICA Old Age (Social Security) Tax 6.2% - FICA Additional Medicare Tax 0.9% - For Annual Income Greater than $200,000 Single filer - For Annual Income Greater than $250,000 Married filing jointly Note: The total amount of taxes is 16% except for Federal Income taxes and FICA Additional taxes. FEDERAL MONTHLY Payroll Period (a) SINGLE person (including head of household) b) MARRIED person If the amount of wages (after If the amount of wages (after subtracting withholding The amount of income tax subtracting withholding The amount of income tax allowances) is: to withhold is: allowances) is: to withhold is: Not over $188 SO Not over $704 SO But not over- of excess over- Over But not over- of excess over-Over $2,217 $188|$704 $188 $944 $6,854 $944 $2,217 $944 $3,263 $13,108 $7,633 $3,263 $7,633 $19,608 $0.00 plus 10% $75.60 plus 15% $423.45 plus 25% $1,515.95 plus 28% $3,779.47 plus 33% $9,795.04 plus 35% $9,842.99 plus 39.6% $15,717 $0.00 plus 10% $704 $151.30 plus 15% $2,217 $846.85 plus 25% $6,854 $2,410.35 plus 28% $13,108 $4,230.35 plus 33% $19,608 $9,132.50 plus 35% $34,463 $10,663.75 plus 39.6% $38,838 $3,263|56,854 $7,633|$13,108 $15,717|$19,608 $33,946|$34,463 $34,463 $15,717 $33,946 $38,838 $33,946 $34,083 $34,083|$38,838 $34,083 11. Phoebe is married and just took a job marketing above ground pools, her annual salary is going to be $84,000. Determine her monthly take home pay after the taxes have been taken out. 12. Zeke makes online videos demonstrating new toys. His annual salary will be $186,000. Determine his monthly take home pay after the taxes have been taken out. 13. Hi Stick is a professional hockey player whose yearly salary is $4,530,000. Determine his monthly take home pay after taxes have been taken out

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions