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.

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