Final pay day of the year Scott is married and his wife earns about $44,000 a year. He indicates $2,500 on line 3 of his W4. He is paid semi-monthly and earns $2,800/check. Assume he had a large bonus mid year and has currently earned $138,000 this year in taxable Social Security income. He has a high deductible Insurance plan and contributes $150 into the HSA (Health Savings Account). He pays $200 for Med. Prem. and $150 into his 401K each pay period. He contributes $50 to Red Cross as well. The ER pays 100 into his 401K, $50 into Life Ins. And $200 into Medical. How much in wages will be taxed for Federal income tax?

Answer rating: 100% (QA)

Scott is paid semi monthly which is 2800 check therefore his monthly income 2800 2 5600 H... View the full answer