Parts a-c B. Calculate your income tax assume you are single with no dependence have no adjustments or tax credit and you take the standard dedication? C. Including both FICA and income tax, what % of your
Parts a-c B. Calculate your income tax assume you are single with no dependence have no adjustments or tax credit and you take the standard dedication? C. Including both FICA and income tax, what % of your
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Parts a-c B. Calculate your income tax assume you are single with no dependence have no adjustments or tax credit and you take the standard dedication?
C. Including both FICA and income tax, what % of your gross income are your federal taxes?

Transcribed Image Text:In 2016, to help pay for college, you worked part-time at a local restaurant, earning $30,000 in wages and tips. Use the following information to complete parts (a)
through (c) below.
For people who are not self-employed, the
2016 FICA tax rates were as follows:
2016 Marginal Tax Rates, Standard
Deductions, and Exemptions
7.65% on the first $118,500 from wages
and tips
1.45% on income in excess of $118,500
Tax Rate
Single
10%
up to $9275
$9276 to $37,650
$6300
15%
Taxpayers are not permitted to subtract
adjustments, exemptions, or deductions
when determining FICA taxes.
Standard Deduction
Exemptions (per person) $4050
Contents
a. Calculate your FICA taxes.
nch
The FICA taxes are $
(Type an integer or a decimal. Round to two decimal places as needed.)
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