Acct421-521-U1-NetPay-HandOut-BLANK-09012011

Acct421-521-U1-NetPay-HandOut-BLANK-09012011 -...

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IUP-ECOBIT-ACCTG DEPT-Acct421/521-Fed.Tax#1-Dr. Faye Bradwick – Fall 2011 (19 Points) Student Name = Last Name, First Name: 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 2010 is $38,000; you have no other income. Assume you worked for the entire year. Pay close attention to detail Annual Gross Income (1 pt) FIT: Federal Income Tax Marginal Tax Rate % (1 pt) FIT = (1 pt) MTR % = * Less: Adjustments “for AGI” or “above the line” -0- PA-SIT: PA State Income Tax = 3.07% (1 pt) PA-SIT = AGI: Adjusted Gross Income
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Acct421-521-U1-NetPay-HandOut-BLANK-09012011 -...

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