Question: 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

  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:  

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