Question

Given this information for 1: The mean salary is $1,197 per week, $62,294 per year. Use...

Given this information for 1:

The mean salary is $1,197 per week, $62,294 per year. Use the salary $62,294 to calculate the taxes or net pay (yearly or monthly).

1.

Deduct $150/month (calculate total for the year) for insurance. What will this total be ($758 , $1,800 , or $1,500)?

2.

Which of the following is not a required deduction?

(Federal Income Tax , FICA , or Roth IRA)

Business   Accounting   
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Homework Answers

Answer #1

Salary for the year = $62294

1. Deduction per month =$150

Therefor, Total Deduction for the year = $150*12 Months

= $ 1800

2. Federal Income Tax shall not be allowed to take as a deduction because any of the Tax paid by us shall not be allowed as deduction.

We Can say that,

Total Taxable Income = $62294 - $1800

= $ 60494

Hope this meets your purpose. Please feel free in case of any concern. Do like if it was helpful as it motivates us alot.

Thanks  

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