Prepare a personal budget. If you are committed to a particular field, use the Internet (or...

 

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Prepare a personal budget. If you are committed to a particular field, use the Internet (or other reliable information) to estimate your starting salary. Use the results of projects 2 and 3 to help estimate your retirement account expenses and your mortgage (or rent) expenses. If necessary, refer to "2021 Spring - Math 154 Project 6 Personal Budget Example" on Canvas. 1. Estimate your annual income. a. Wages b. Other c. Total $45,000 $0 $45,000 2. Determine your expenses. a. Taxes (see reverse side) 1. Federal income 020 2. Federal Social Security and Medicare* 3. State income b. Retirement / Rainy Day Fund c. Rent / Mortgage d. Food e. Clothing f. Transportation g. Utilities h. Insurance i. Health j. Recreation k. Charities 1. Other m. Total 000 000 70006 *-6.2% for Social Security and 1.45% for Medicare of your total (gross) income Math 154 Project 6 (15 points) Section 4.A John Scalea Name Due: 2021 April 26 Page 2 Federal Income Tax for Unmarried Taxpayers The following piece-wise function summarizes the tax levied by the United States government on the adjusted gross income earned by unmarried taxpayers in 2020. 0.10x if x 9,900 990.00 +0.12(x - 9,900) if 9,900 < x <40,150 T 4,618.00 +0.22(x - 40,150) T = 14,606.00 + 0.24(x - 85,550) if 40,150 518,400 Federal Income Tax for Married Taxpayers The following piece-wise function summarizes the tax levied by the United States government on the adjusted gross income earned by married taxpayers filing jointly in 2020. 0.10x 1,978.00 +0.12(x - 19,800) 9,232.00 + 0.22(x - 80,250) if x 19,800 dal/ if 19,800 < x < 80,250 if 80,250 < x < 171,050 02 if 171,050 < x < 326,600 if 326,600 < x < 414,700 94,732.00 + 0.35(x 414,700) if 414,700 < x 622,050 167,304.50 +0.37(x-622,050) if x > 622,050 T = 29,208.00 +0.24(x - 171,050) 66,540.00 +0.32(x - 326,600) *976:ab M Virginia Income Tax The following piece-wise function summarizes the tax levied on the adjusted gross income earned by unmarried taxpayers by the Virginia government. 0.02x if x 3,000 60 +0.03(x - 3,000) if 3,000 < x <5,000 T = 120 + 0.05(x - 5,000) if 5,000 < x < 17,000 720 + 0.0575(x - 17,000) if x > 17,000 Prepare a personal budget. If you are committed to a particular field, use the Internet (or other reliable information) to estimate your starting salary. Use the results of projects 2 and 3 to help estimate your retirement account expenses and your mortgage (or rent) expenses. If necessary, refer to "2021 Spring - Math 154 Project 6 Personal Budget Example" on Canvas. 1. Estimate your annual income. a. Wages b. Other c. Total $45,000 $0 $45,000 2. Determine your expenses. a. Taxes (see reverse side) 1. Federal income 020 2. Federal Social Security and Medicare* 3. State income b. Retirement / Rainy Day Fund c. Rent / Mortgage d. Food e. Clothing f. Transportation g. Utilities h. Insurance i. Health j. Recreation k. Charities 1. Other m. Total 000 000 70006 *-6.2% for Social Security and 1.45% for Medicare of your total (gross) income Math 154 Project 6 (15 points) Section 4.A John Scalea Name Due: 2021 April 26 Page 2 Federal Income Tax for Unmarried Taxpayers The following piece-wise function summarizes the tax levied by the United States government on the adjusted gross income earned by unmarried taxpayers in 2020. 0.10x if x 9,900 990.00 +0.12(x - 9,900) if 9,900 < x <40,150 T 4,618.00 +0.22(x - 40,150) T = 14,606.00 + 0.24(x - 85,550) if 40,150 518,400 Federal Income Tax for Married Taxpayers The following piece-wise function summarizes the tax levied by the United States government on the adjusted gross income earned by married taxpayers filing jointly in 2020. 0.10x 1,978.00 +0.12(x - 19,800) 9,232.00 + 0.22(x - 80,250) if x 19,800 dal/ if 19,800 < x < 80,250 if 80,250 < x < 171,050 02 if 171,050 < x < 326,600 if 326,600 < x < 414,700 94,732.00 + 0.35(x 414,700) if 414,700 < x 622,050 167,304.50 +0.37(x-622,050) if x > 622,050 T = 29,208.00 +0.24(x - 171,050) 66,540.00 +0.32(x - 326,600) *976:ab M Virginia Income Tax The following piece-wise function summarizes the tax levied on the adjusted gross income earned by unmarried taxpayers by the Virginia government. 0.02x if x 3,000 60 +0.03(x - 3,000) if 3,000 < x <5,000 T = 120 + 0.05(x - 5,000) if 5,000 < x < 17,000 720 + 0.0575(x - 17,000) if x > 17,000