Sarah takes a full-time position that pays a salary of $80,000 per year with paid vacation/sick days. The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax. Health insurance is $350 a month and retirement is $300 a month. GAI: $ Process to get GMI: GMI: $ Process Add up Total Tax%: Subtract total tax from 100: Move decimal & multiply by GMI: ATM: $ Expenses Vacation/sick days: Health Insurance: Retirement: Expenses: Total: $ Process to get Net Income: (ATM – Expenses) Net: $
Sarah takes a full-time position that pays a salary of $80,000 per year with paid vacation/sick days. The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax. Health insurance is $350 a month and retirement is $300 a month. GAI: $ Process to get GMI: GMI: $ Process Add up Total Tax%: Subtract total tax from 100: Move decimal & multiply by GMI: ATM: $ Expenses Vacation/sick days: Health Insurance: Retirement: Expenses: Total: $ Process to get Net Income: (ATM – Expenses) Net: $
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
2. |
Sarah takes a full-time position that pays a salary of $80,000 per year with paid vacation/sick days. The government takes out 6.2% for Social Security, 1.45% for Medicare, and 15% for Federal income tax. Health insurance is $350 a month and retirement is $300 a month. |
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GAI: $ |
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Process to get GMI: |
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GMI: $ |
|
|
Process Add up Total Tax%: Subtract total tax from 100: Move decimal & multiply by GMI: |
|
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ATM: $ |
|
Expenses |
Vacation/sick days: |
|
Health Insurance: |
|
|
Retirement: |
|
|
Expenses: Total: $ |
|
|
Process to get Net Income: (ATM – Expenses) |
|
|
Net: $ |
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