Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Typed Answers only Your gross annual salary is $210,000. Before taxes, $175 is taken out for an HSA (Health Savings Account) each paycheck, followed by
Typed Answers only Your gross annual salary is $210,000. Before taxes, $175 is taken out for an HSA (Health Savings Account) each paycheck, followed by medical insurance, which is 4.2%. Taxes (Federal, Social Security, and Medicare) are then taken out of your pay. You currently have 3 roommates, with whom you split rent and bills on a $1775 per month townhouse where utilities (gas, water, electric, cable... etc) total another $825. You have an outstanding loan that costs you $325 per month. ** Assume there are 2 pay periods (4 weeks) in a month and that you are filing taxes in April 2022. 1. a. What is your taxable income? b. How much is taken out ANNUALLY for Federal Taxes? Social Security? Medicare? C. How much money do you have left over at the end of each month after these deductions and expenses are removed
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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