1. Estimate Take Home Pay using tax brackets for 2019

Personal Exemption:  $-0-

Standard Deduction:  $12,200

ASSUME Gross Income = Adjusted Gross Income = $140,000. 

ASSUME:  Single filer, no adjustments, no dependents, will take the standard deduction

ASSUME:  Only deduction for state income taxes is rental deduction; assume individual deducts the maximum allowable amount of $3,000.

State Income Tax:  5.05%

State Personal Exemption (single filer) = $4,400

Calculate the following -- SHOW YOUR WORK:

• Total Taxable Income:
• Total Federal Income Tax:  
• Total State Income Tax:  
• Total Social Security Tax: 
• Total Medicare Tax:   
• Total Federal and State Income Taxes:  
• Total Social Security and Medicare:  
• Total Income Tax and Payroll Taxes:  
• Take Home Pay or After Tax Income: