Ann earns $95,000 per year in salary. She pays 25% federal income tax, 6% state income tax, 6.2% social security, 1.45% medicare, 5% for health insurance, $50 per month for life insurance, $30 per month for dental, and 8% per month for retirement.a. What is her gross monthly salary? b. What is her net monthly salary?
Ann earns $95,000 per year in salary. She pays 25% federal income tax, 6% state income tax, 6.2% social security, 1.45% medicare, 5% for health insurance, $50 per month for life insurance, $30 per month for dental, and 8% per month for retirement.a. What is her gross monthly salary? b. What is her net monthly salary?
Chapter1: Federal Income Taxation—an Overview
Section: Chapter Questions
Problem 44P
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- Ann earns $95,000 per year in salary. She pays 25% federal income tax, 6% state income tax, 6.2% social security, 1.45% medicare, 5% for health insurance, $50 per month for life insurance, $30 per month for dental, and 8% per month for retirement.a. What is her gross monthly salary? b. What is her net monthly salary?
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