Required 1. Income tax 2. FICA 3. What % are the tax from gross income In 2008,
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1. Income tax
2. FICA
3. What % are the tax from gross income
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In 2008, to help pay for college, you worked part-time at a local restaurant, eaming $20,000 In wages and tips. Use the following information to answer the questions. For people who are not self-employed, the 2008 Marginal Tax Rates, Standard Deductions, and Exemptions 2008 FICA tax rates were as follows: Tax Rate (0) Ikarmie Tax 6 FICA 7,65% on the first $102,000 from wagos and tips 1.45% on Income in excess of $102,000 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. 10% 15% Standard Deduction Exemptions (per person) single up to $8025 $8020 to $32,550 $5450 $3500 Ⓒ what % are the faxes from gross income. In 2008, to help pay for college, you worked part-time at a local restaurant, eaming $20,000 In wages and tips. Use the following information to answer the questions. For people who are not self-employed, the 2008 Marginal Tax Rates, Standard Deductions, and Exemptions 2008 FICA tax rates were as follows: Tax Rate (0) Ikarmie Tax 6 FICA 7,65% on the first $102,000 from wagos and tips 1.45% on Income in excess of $102,000 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. 10% 15% Standard Deduction Exemptions (per person) single up to $8025 $8020 to $32,550 $5450 $3500 Ⓒ what % are the faxes from gross income.
Expert Answer:
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To calculate the percentage of taxes taken from the gross income of 28000 we need to determine the t... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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