Question: Please show the work, thanks so much! 20) Use the following tax tables to determine your take-home pay. You contribute 10% to your 401k like

Please show the work, thanks so much! Please show the work, thanks so much! 20) Use the following tax

20) Use the following tax tables to determine your take-home pay. You contribute 10% to your 401k like Professor Tice recommends, and you earn an annual salary of $55,000. FICA (SS and Med) taxes are 7.65% of annual salary. If the amount of wages is: The amount of income tax to withhold is: Over $0 $3,800 *$13,675 $43,925 $89,325 $167,100 $211,150 $522,200 But Not Over $3,800 $13,675 $43,925 $89,325 $167,100 $211,150 $522,200 $0 $0 + 10% of excess over $3,800 $987.50 plus 12% of excess over $13,675 $4,617.50 plus 22% of excess er $43,925 $14,605.50 plus 24% of excess over $89,325 $33,271.50 plus 32% of excess over $167,100 $47,367.50 plus 35% of excess over $211,150 $156,235 plus 37% of excess over $522,200

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