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IUP-ECOBIT-ACCTG DEPT-Acct421/521-Fed.Tax#1-Dr. Faye Bradwick – Spring 2009 (19 Points) Student Name: Chintan Modi Net Pay Assignment: You will soon graduate and finally get a "real job"… your parents and I are thrilled! So that you have a better understanding of your own personal tax and financial situation, you are to do the following: Note: I strongly suggest you discuss w/ your parents or other working folk. Note: Step 1: Your annual gross salary for 2008 is $39,000; you have no other income. Assume you worked for the entire year. Pay close attention to detail Annual Gross Income $39,000 FIT: Federal Income Tax Marginal Tax Rate % $4106.25 MTR % =15% * Less: Adjustments “for AGI” or “above the line” $0 PA-SIT: PA State Income Tax = 3.07% $1,197.3 AGI: Adjusted Gross Income or “The Line” $39,000 FICA: Federal Insurance Contributions Act Tax = 7.65% combined rate
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This note was uploaded on 09/20/2011 for the course ECONOMICS 101 taught by Professor Youalreadyknow during the Spring '11 term at Punjab Engineering College.

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