Caden makes 10.75 an hour and works 40 hours a week. He estimates he will spend about 50 per week on qualified expenses. By using his employer's cafeteria plan, his federal income tax will change from 49 to 42 per week. FICA taxes and a 4 state income tax are also deducted from his wages. How much will Caden save per week if he chooses to participate in the cafeteria plan? What will be his savings per year?
Q. 2Janelle earns 600 per week. She is given a raise of 6 which increases her federal taxes from 24 per pay to 28. FICA taxes and a state income tax of 3 are also withheld from her wages. What is the increase in her gross wages? How much does her net pay increase per week with her raise?
Q. 3Glen's monthly gross pay is 4,500. The deductions from his monthly pay include 764.25 for federal income tax, 344.25 for FICA taxes, 180 for his retirement plan, and 275 for health insurance. Find the percentage of his gross wages that Glen takes home, to the nearest percent.
Q. 4Clarence earns 164.75 a week at a part time job. Of this amount, his employer deducts 28.71 for federal and state withholding taxes, 1.24 for local withholding tax, and 7.65 for social security and Medicare taxes. What are Clarence's total deductions each week, and what is his weekly net pay?
Q. 5Jared receives a job offer that would pay a yearly salary of 32,000 as well as these estimated benefits: 4,200 in pensions, 725 in free parking, 310 in free uniforms, 990 in vacation time off, and 2,200 in life insurance. What are the total job benefits?
Q. 6Thomas Clemens lives in a town that charges a 0.5 city income tax rate. How much city income tax did he owe last year if he had federal taxable income of 45,883?
Q. 7Peter Williams earned gross income of 76,124 last year. During the year, he made monthly payments of 250 into an approved retirement plan. What was his adjusted gross income last year?
Quick Reply
