In your current job, you earn $55,000. You take the standard deduction of $12,200. You have...

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In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. How much extra will you owe in payroll taxes if you take the new job? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 ▸ $510,300 ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ...the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37% In your current job, you earn $55,000. You take the standard deduction of $12,200. You have an offer of a new job working for a different employer. Your salary would go up by $5,000. Social Security taxes are 6.2%, and Medicare taxes are 2.9%. How much extra will you owe in payroll taxes if you take the new job? For taxable income over... $0 $9,700 $39,475 $84,200 $160,725 $204,100 ▸ $510,300 ... but not over... $9,700 $39,475 $84,200 $160,725 $204,100 $510,300 ...the marginal tax rate is: 10% 12% 22% 24% 32% 35% 37%

Answer rating: 100% (QA)

To calculate the additional payroll taxes for the new job we need to consider the increase in salary ... View the full answer