FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Assuming the following information, what is the
upper limit George and Sarah could pay on monthly
consumer debt payments? Note: Some items may
not be factors in determining take-home pay.
George and Sarah's gross salary is $5,790 per month
4.5% is deducted from their salary and put in a 401K
retirement savings account
12% is deducted for federal income tax
6.2% is deducted for Social Security
1.4% is deducted for federal Medicare tax
5% is deducted for state income tax withholding
George and Sarah also pay 11% of their gross
income to their Church.
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Transcribed Image Text:Assuming the following information, what is the upper limit George and Sarah could pay on monthly consumer debt payments? Note: Some items may not be factors in determining take-home pay. George and Sarah's gross salary is $5,790 per month 4.5% is deducted from their salary and put in a 401K retirement savings account 12% is deducted for federal income tax 6.2% is deducted for Social Security 1.4% is deducted for federal Medicare tax 5% is deducted for state income tax withholding George and Sarah also pay 11% of their gross income to their Church.
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