Question

How do I work this out?
My expected tax rate: 33%

Including federal, state, local, social security and Medicare taxes:

Federal income tax: 20% (federal tax rates are very complicated but use 25% as a reasonable guess.

GA State income tax: 5.75%

Social Security: 6.2% of your gross pay.

Medicare: 1.45% of your gross pay.

Multiply: 0.33 x annual salary to find annual taxes

Annual taxes:

Income after taxes: ____________(Your salary minus your annual taxes)

Monthly income after taxes: (divide annual after tax income by 12)

Answer 1

Job: Web designer
Salary: 52,500

Answer 2

Is this correct?
Annual: 17,325
Income after taxes: 35,175
Monthly income after taxes: 2,931

Answer 3

how you have get this ? above what is this salary 52.500 ?

Answer 4

yes the salary is 52,500
Annual I multiplied 52500 by 0.33
Income after tax I subtracted my salary by the annual taxes
Monthly income after tax I divided the annual after tax by 12
I did what the instructions up above said but i'm not sure if I did it the right way. :)

Answer 5

right i think you have made it correct how above ve wrote

Answer 6

okay, thank you

Answer 7

np my pleasure