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ACCT 421 Net_Pay

# ACCT 421 Net_Pay - IUP-ECOBIT-ACCTG...

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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: I suggest you keep an e-copy of this form & use it for your own budget & tax projections. 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 & calculate the following: 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 6.20% = \$2,418 1.45% = \$565.5 7.65% = \$2,983.5 Less: > Standard Deduction or Sch.A ItemizedDeductions \$5,450 ** LIT: Local Income

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ACCT 421 Net_Pay - IUP-ECOBIT-ACCTG...

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