Taxable Income
Steve is single and makes $70,000 a year. He does not have any dependent children. What is his Taxable Income?
$58,000
Taxable Income: $39,000
Filing Status: Single
Federal Income Tax?
$8,580
Taxable Income: $57,000
Filing Status: Single
State Income Tax?
$3,163.50
Earnings to Date: $25,789
Social Security Tax?
$86.18
Annual Cost of Insurance: $5,000
Employer Pay's 60%
12 Pay Periods
Deduction Per Pay Period?
$166.67
Justin is married and he makes $35,000 a year and his wife Beth earns $1,500 bi-monthly. They file Married/Jointly and have 2 young children. What is their Taxable Income?
$43,000
Taxable Income: $280,000
Filing Status: Married
Federal Income Tax?
$67,200
Taxable Income: $1,9000
Filing Status: Single
State Income Tax?
None
Pay Period Gross Pay: $4,500
Medicare Tax?
$65.25
Annual Cost of Insurance: $3,500
Employer Pay's 30%
Bi-Monthly
Deduction Per Pay Period?
$102.08
Betty is a single mother and files as head of household. She makes $50,900 a year. She has 4 children. What is her taxable income?
$24,900
Taxable Income: $950,000
Filing Status: Single
Federal Income Tax?
$351,500
Taxable Income: $405,000
Filing Status: Married
State Income Tax?
$26,730
Pay Period Gross Pay: $14,900
Earnings to Date: $100,700
Social Security Tax?
NONE
Annual Cost of Insurance: $10,000
Employer Pay's 90%
Weekly
Deduction Per Pay Period?
$19.23
Mike is single and takes care of his elderly mother, who he claims as dependent. He makes $45 an hour as a welder and works 40 hours a week. He gets 3 weeks for vacation. What is his taxable income?
$74,200
Taxable Income: $9,000
Filing Status: Single
Federal Income Tax?
$900
Taxable Income: $59,999
Filing Status: Married
State Income Tax?
$3,329.95
Pay Period Gross Pay: $9,500
Medicare Tax?
$137.75
Annual Cost of Insurance: $2,000
Employer Pay's 10%
Bi-Weekly
Deduction Per Pay Period?
$69.23
Joan and Bill are married and they file jointly. Joan makes $15,000 a month and Bill is makes $300 and hour and works 20 hours a week and has 6 weeks off for vacation. They have 1 dependent child. What is their taxable income?
$430,000
Taxable Income: $165,000
Filing Status: Married
Federal Income Tax?
$36,300
Taxable Income: $19,000
Filing Status: Single
State Income Tax?
$912.00
Pay Period Gross Pay: $1,800
Earnings to Date: $65,800
TOTAL FICA?
$137.70
Annual Cost of Insurance: $8,750
Employer Pay's 50%
12 Pay Periods
Deduction Per Pay Period?
$364.58