Mary Smith earned her four-year degree and is in her first year of consulting for a law firm. Her monthly gross income is $4,155.00. She has the following taken out of her gross income: Social Security, Medicare, State Disability Insurance of 1%, State Withholding Tax of 2.64%, and Federal Withholding Tax using the percentage method. She Federal Withholding Tax. She also makes a $15.00 contribution to American Society for the Prevention of Cruelty to Animals and a $50.00 contribution to the Salvation Army. a. How much are Mary’s FICA taxes? b. How much is her State Disability Insurance? c. How much is her State Withholding Tax? d. How much is her Federal Withholding Tax? e. What is Mary’s monthly net earnings?
Mary Smith earned her four-year degree and is in her first year of consulting for a law firm. Her monthly gross income is $4,155.00. She has the following taken out of her gross income: Social Security, Medicare, State Disability Insurance of 1%, State Withholding Tax of 2.64%, and Federal Withholding Tax using the percentage method. She Federal Withholding Tax. She also makes a $15.00 contribution to American Society for the Prevention of Cruelty to Animals and a $50.00 contribution to the Salvation Army.
a. How much are Mary’s FICA taxes?
b. How much is her State Disability Insurance?
c. How much is her State Withholding Tax?
d. How much is her Federal Withholding Tax?
e. What is Mary’s monthly net earnings?
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