use the data in the picture to solve question 4

21 Aa BbCcDdEe Aabbcode AaBbc Normal No Spacing Heading I put on the website that is my job is Registered Respiratory Therapist (RRT) which is for the bachelor student who took the RRT exam. I didn't put any experience because when I put, 1 couldn't get the yearly salary, so I didn't put. I just putted the city which is Houston, TX and the job title which is Registered Respiratory Therapist (RRT). Median Registered Respiratory Therapist (RRT) yearly Pay in Houston, Texas = 65K Assuming that I'm single and I don't have kids. 1. (25 points) Paying Taxes Compute your federal income taxes and FICA. Clearly state all your calculations and circle your new salary after paying all taxes) Q1: my yearly salary - $65K Right-to-Left Text Direction To calculate the federal income tax, I used the table in the book. Total tax = 0.10 x 59,075 +0.15 x ($36,900 - $9,075) +0.25 x ($65,000 - $36,900) = $907.50 $4,173.75 + $7,025 = $12,106.25 (this is the total federal tax) FICA tax=7.65% (6.2% for Social Security and 1.45% for Medicare) = 0.0765 x $65,000 = $4972.5 (this is the FICA tax) Now to find the new salary (after paying all taxes) - My salary - federal tax - FICA tax = $65,000 - $12,106.25 - $4,972.5 = $47,921.25 (this is the new yearly salary) Monthly salary = $47,921.25/12 = $ 3,993.44 1. (25 points) Paying Taxes Compute your federal income taxes and FICA. Clearly state all your calculations and circle your new salary (after paying all taxes). 2. (25 points) Budgeting Make a budget for yourself your family based on your salary after paying taxes. If you are moving to a different city, you can use https://www.zillow.com/ to find the average rent for a house/apartment of your choosing. If you own your house, budget for your mortgage payments or the taxes /insurance. Remember, on top of common expenses, to budget for expenses such as student loans, childcare if applicable, health related expenses, and if possible, savings. 3. (25 points) Getting a raise Assume in the next 10 years you will get raises that are compatible with the inflation. Use the following table to predict future inflation rates and let me know what your prediction is) Make a table with your new salary each year (starting with 2022 to 2031). Year Inflation Rate Year Inflation Rate 2010 1.5% 2015 0.7% 2011 3% 2016 2.1% 2012 1.7% 2017 2.1% 2013 1.5% 2018 1.9% 2014 0.8% 2019 2.3% 21 Aa BbCcDdEe Aabbcode AaBbc Normal No Spacing Heading I put on the website that is my job is Registered Respiratory Therapist (RRT) which is for the bachelor student who took the RRT exam. I didn't put any experience because when I put, 1 couldn't get the yearly salary, so I didn't put. I just putted the city which is Houston, TX and the job title which is Registered Respiratory Therapist (RRT). Median Registered Respiratory Therapist (RRT) yearly Pay in Houston, Texas = 65K Assuming that I'm single and I don't have kids. 1. (25 points) Paying Taxes Compute your federal income taxes and FICA. Clearly state all your calculations and circle your new salary after paying all taxes) Q1: my yearly salary - $65K Right-to-Left Text Direction To calculate the federal income tax, I used the table in the book. Total tax = 0.10 x 59,075 +0.15 x ($36,900 - $9,075) +0.25 x ($65,000 - $36,900) = $907.50 $4,173.75 + $7,025 = $12,106.25 (this is the total federal tax) FICA tax=7.65% (6.2% for Social Security and 1.45% for Medicare) = 0.0765 x $65,000 = $4972.5 (this is the FICA tax) Now to find the new salary (after paying all taxes) - My salary - federal tax - FICA tax = $65,000 - $12,106.25 - $4,972.5 = $47,921.25 (this is the new yearly salary) Monthly salary = $47,921.25/12 = $ 3,993.44 1. (25 points) Paying Taxes Compute your federal income taxes and FICA. Clearly state all your calculations and circle your new salary (after paying all taxes). 2. (25 points) Budgeting Make a budget for yourself your family based on your salary after paying taxes. If you are moving to a different city, you can use https://www.zillow.com/ to find the average rent for a house/apartment of your choosing. If you own your house, budget for your mortgage payments or the taxes /insurance. Remember, on top of common expenses, to budget for expenses such as student loans, childcare if applicable, health related expenses, and if possible, savings. 3. (25 points) Getting a raise Assume in the next 10 years you will get raises that are compatible with the inflation. Use the following table to predict future inflation rates and let me know what your prediction is) Make a table with your new salary each year (starting with 2022 to 2031). Year Inflation Rate Year Inflation Rate 2010 1.5% 2015 0.7% 2011 3% 2016 2.1% 2012 1.7% 2017 2.1% 2013 1.5% 2018 1.9% 2014 0.8% 2019 2.3%