Estimate the amount of income earned from non-business source. Be sure to account for federal and state,

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Estimate the amount of income earned from non-business source.
Be sure to account for federal and state, and fica taxes withheld at
the household level.
Maria and Sancho are in the 35% federal marginal tax bracket
Maria and Sancho pay a 6% state marginal tax
Sancho's Non-Business Income Situation
the state deduction amount is $8000
The state exemption amount is $2500 per person
Wages				$87,416.00
Other taxable Comensation				???
Taxable Income				???
Federal Income Tax Withheld				193503
Social Security Wages				128400
Social Security Tax Withheld				7961
Medicare Wage and Tips				894308
Medicare Tax withheld				19216
Qualified Plan Contributions				8034
Medical Insurance Contributions				7800
Disability Insurance Contributions				2750
State and Local Taxes Withheld				42150
*Pre-tax Contributions/payments

Related Book For answer-question

answer-question

Statistical Techniques in Business and Economics

Statistical Techniques in Business and Economics

ISBN: 978-0078020520

16th edition

Authors: Douglas Lind, William Marchal

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Posted Date: Sep 11, 2020 09:15 PM

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