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The answers to the consumer math part 2 exam for penn foster?
The gross income of Ginger Hughes is $215 per week. Her deductions are: $15.16, FICA tax; $29.33, income tax; 2% state tax; 1% city tax; and 3% retirement fund. What is her net income?
How do you calculate property tax in Houston Texas?
To calculate property tax you have to use property tax calculator or software, this is most eassy way for calculating value of property tax. At this calculator tool you will find option like select a county, select your city, current assessed value and property worth. After filling this option when you go to calculate button you will get value of your property tax. For more information you can visit............. property-tax-calculator.com
What formula do you use to calculate income tax?
To calculate income tax, one should sum up the totals of all the taxable income and subtract from it the personal allowance and any other tax free allowances. After that, one should apply the rate of tax on the resultant value to find out the income tax payable.
How do you calculate a .625 sales tax on 181.98?
you do .0625 x 181.98 ...
How do I calculate property taxes?
First, determine the nominal property tax rate for your locale. Then multiply that rate by the assessment ratio, which will give you the effective property tax rate. Multiply the effective property tax rate by the value of your home and that will give you your liability.
How do you calculated fica?
You do not calculate FICA tax by asking Answers.com. You calculate the FiCA tax by going to the Internal Revenue Web Site and looking at the information on their form. Then you plug your numbers into their formula.
What is MED FICA tax?
MED tax is the tax that is paid to Medicare. FICA tax is the tax paid to pay for Social Security benefits.
What is the purpose of a FICA tax?
A Fica tax has several different purposes that serve different people. A Fica tax serves to finance government educational programs and developmental projects. A Fica tax also provides those who are disabled and/or retired with insurance.
Who pays FICA taxes?
employers pay the fica tax
Is FICA tax the same as the social security tax?
Yes, plus Medicare tax. FICA is the acronym for the Federal Insurance Contributions Act.
When do you stop paying FICA for the year?
The maximum amount of wages subject to the FICA-Social Security tax for 2009 is $106,800. There is no limit on the amount of wages subject to the FICA-Medicare tax.
What is a purpose of a fica tax?
The fica is taken out of your paychecks and added to the Social Security fund.
Angela wants to calculate her take-home pay. She earns 1377 monthly. She pays federal tax of 200 state tax of 41.31 and 7.65 in FICA tax. What is Angela's monthly net pay?
1030.35
When did fica tax split into social security and medicare tax?
1996
What is the maximum fica tax for 2012?
$8423.
What is the fica taxes for 2010?
Still 6.2% for both employer & employee. Actually, that 6.2% is just for the social security tax portion of FICA. FICA consists of social security and medicare. The total FICA tax is 7.65%, which includes the 1.45% medicare tax. There is currently a limit on the social security tax portion (6.2% of $106,800--which is $6,621.60), while there is no medicare limitation.
What is the fica tax on 1600 gross pay?
The FICA tax consists of Social Security and Medicare taxes. As of 2023, the Social Security tax rate is 6.2% on earnings up to a certain limit, and the Medicare tax rate is 1.45% on all earnings. For a gross pay of $1,600, the FICA tax would be calculated as follows: Social Security tax would be $99.20 (6.2% of $1,600), and Medicare tax would be $23.20 (1.45% of $1,600), totaling $122.40 in FICA taxes.
