On the first tab, calculate your net (after tax) salary using the appropriate tax rates 22%, assuming that your starting salary is $57,000 gross dollars, and that you are paid every two week. 

a) Please calculate your Federal taxable income. Assume that you claim the standard deduction of $12,550. That is, any earnings up to the standard deduction amount will not be subject to Federal tax or to State Tax.

b) Please calculate your Colorado Tax. Note that Colorado Tax is due only on dollars that are subject to Federal tax, NOT your gross salary.

c) Calculate your Medicare and Social Security taxes, which for the moment are 7.65%

Answer rating: 100% (QA)

To calculate your net after tax salary we will follow these steps a Calculate Federal taxable income ... View the full answer