Jamal works at the recreation center 15 hours a week during the school year. He eams $875 an hour. In a typical month, he works 63 hours. Calculate his monthly taxes below. Gross Monthly Income Monthly Federal Income Tax (10%) Monthly Social Security (FICA) (6.2%) Monthly Medicare (1.45%) Monthly State Tax (4%) Monthly Local Tax (0.1%) Total Monthly Deductions Jamal's NM
Jamal works at the recreation center 15 hours a week during the school year. He eams $875 an hour. In a typical month, he works 63 hours. Calculate his monthly taxes below. Gross Monthly Income Monthly Federal Income Tax (10%) Monthly Social Security (FICA) (6.2%) Monthly Medicare (1.45%) Monthly State Tax (4%) Monthly Local Tax (0.1%) Total Monthly Deductions Jamal's NM
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Paycheck Calculations
Using the information below, calculate each worker's net monthly income (NM). GAI is gross annual income, and
GMI is gross monthly income.
2
Jamal works at the recreation center 15 hours a week during the school year. He eams $8.75 an hour.
In a typical month, he works 63 hours. Calculate his monthly taxes below.
what A T Cv
Gross Monthly Income
Monthly Federal Income Tax (10%)
Monthly Social Security (FICA) (6.2%)
Monthly Medicare (1.45%)
S.
S.
Monthly State Tax (4%)
Monthly Local Tax (0.1%)
Total Monthly Deductions
Jamal's NMI =
P ck
A college student, Trey works part time for an annual salary of $13,500 a year.
Gross Monthly Income
Monthly Federal Income Tax (11.6%)
Monthly Social Security (FICA) (6.2%)
Monthly Medicare (1.45%)
Monthly State Tax (4%)
Monthly Local Tax (0.1%)
Total Monthly Deductions
Trey's NMI =
4
Marie is a college prafessor. Her annual salary is $66,000.
Payche alaan
Gross Monthly Income
Monthly Federal Income Tax (18.7%)
Monthly Social Security (FICA) (6.2%)
Monthly Medicare (1.45%)
Monthly State Tax (4%)
Monthly Local Tax (0.1%)
S.
S.
Total Monthly Deductions
Marie's NMI =
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