Directions: In the chart below, you are given your Gross Income amount and all required deductions. Use that informat to calculate your Net Income. Gross Monthly Income ($72,000 yearly income ÷ 12) Federal Income Tax (22% based on yearly income) State Income Tax (6% in Georgia) FICA (Medicare) (1.45%) Social Security (6.2% in Georgia) Insurance (Health, Dental, Vision, etc.) Net Monthly Income $6,000 $1,276 $348 $84 $360 $200
Directions: In the chart below, you are given your Gross Income amount and all required deductions. Use that informat to calculate your Net Income. Gross Monthly Income ($72,000 yearly income ÷ 12) Federal Income Tax (22% based on yearly income) State Income Tax (6% in Georgia) FICA (Medicare) (1.45%) Social Security (6.2% in Georgia) Insurance (Health, Dental, Vision, etc.) Net Monthly Income $6,000 $1,276 $348 $84 $360 $200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:pay
all mandatory deductions are paid.
Directions: In the chart below, you are given your Gross Income amount and all required deductions. Use that informat
to calculate your Net Income.
Gross Monthly Income ($72,000 yearly income 12)
Federal Income Tax (22% based on yearly income)
State Income Tax (6% in Georgia)
FICA (Medicare) (1.45%)
Social Security (6.2% in Georgia)
Insurance (Health, Dental, Vision, etc.)
GENERA
Net Monthly Income
Part III: Plan for Future Spending (Long Term Saving)
Future spending is for purchases you will make sometime in the future, typically a year or more later. The costs tend to
higher than regular spending and thus require saving for it. This is often referred to as long term saving. Examples of th
can include investing, saving for a car or home purchase or even a new cell phone.
A. Identify a long term goal you wish to save towards (try to be specific):
B. How long do you plan to save for?
C. How much do you need to save each year to reach your goal?
Bombom
D. How much do you need to save each month to reach your goal?
Sebes
$6,000
$1,276
$348
$84
$360
$200
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