# State tax rate annual income 3 first 15000 4 next

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State Tax Rate Annual Income 3% First \$15,000 4% Next \$15,000 5% Over \$30,000 Graduated State Income Tax
Review ANSWER! \$55,000 - \$2,650= \$52,350 \$15,000 x 3% = \$450.00 \$15,000 x 4% = \$600.00 \$22,350 x 5% = \$1,117.50 \$450.00 + \$600.00 + \$1,117.50 = \$2,167.50 \$2,167.50 / 12 = \$180.63
State Tax Review Joey earns \$450.00 per week. He is married with one child. His personal exceptions are \$3,700. The state tax rate is 3.0% of taxable income. What amount is withheld from Joey weekly pay for state income tax?
Review ANSWER 450.00 x 52 = \$23,400 \$23,400 - \$3,700 = \$19,700 \$19,700 x 3% = \$591.00 \$591.00 / 52 = \$11.37
Security Roland Purcell a technical writer, has a gross weekly income of \$721.15. His earnings to date for this year are \$24,000. How much is deducted this month for social security? How much for Medicare? \$721.15 x 6.2%= \$44.71 \$721.15 x 1.45%= \$10.46 44.71+10.46= \$55.17
Group Health Insurance Group insurance: Health Insurance offered by many businesses to employees, paid in part by business and in part by the employee. Employee’s Share= Annual Amount x Employee’s Percent Deduction per Pay Period= Total Annual Amount Paid by Employee / Number of Pay Periods per Year
Insurance Nadine McCLure is a carpenter for Ozark Construction Company. She has family medical coverage through Ozark’s group medical plan. The annual cost of Nadine’s family membership is \$9,800. The company pays 75% of the cost. How much does she have deducted from her bi-weekly paycheck for medical insurance? Step 1: Find the percentage the employee pays. o 100% - percent company pays o 100% - 75%= 25% Step 2: Find the total amount the employee pays. o Annual Amount x Employee’s Percent o 9,800 x 25% = \$2,450 Step 3: Find the deduction per pay period o Deduction per pay period = Total Annual Amount Paid by Employee/Number of Pay Periods per Year o \$2,450 / 26= \$94.23
Concept Check 1. Annual Cost of insurance: \$6,570; employer pays 70%; 12 pay periods 1. 100% - 70%= 30% 2. 6570 x 30%=\$1,971 3. \$1,971 / 12= \$164.25 2. Annual cost of insurance: \$12,000; employer pays 80%; 52 pay periods 1. 100% - 80%= 20% 2. \$12,000 x 20%= \$2,400 3. 2,400/52= \$46.15
Classwork Page 140-141 #’s 5-10 Please show work and circle final answers.
Do Now Shelly Kugo is paid monthly. Her gross pay this month is \$6,223. Her earnings to date for this year are \$23,631. How much is deducted from her paycheck this month for Social Security? Medicare? \$6,223 x 6.2%= \$385.83 \$6,223 x 1.45%= \$90.23
Review Health Insurance Marge is a pilot. Her annual group insurance cost \$4,400 and her company pays 80% of the cost. How much of the cost does marge pay monthly? \$100%-80%= 20% \$4,400 x 20%= \$880 \$880/12= \$73.33
Classwork Workbook Page 25 #’s 1-4 Worksheet Handout Make-up Work
Do Now Review #4 Shashi Rimoko earns \$620 per week as a chef. He has group medical and dental insurance. Medical coverage costs \$9,560 a year and dental coverage cost \$172 a year. The restaurant pays 80% of the medical and 65% of the dental insurance. How much is deducted each week for insurance coverage? 100% - 80%= 20% \$9,560 x 20%= \$1,912 \$1,912/52= \$36.77 100% - 65%= 35% 172 x 35%= \$60.20 60.20/52= \$1.16 36.77+1.16= 37.93 65
Statement of Earnings Net pay - the amount of money you have left after your employer subtracts all tax withholdings and personal deductions from your gross pay.