Income and Tax Deductions

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Presentation transcript:

Income and Tax Deductions SENIOR ECON PROJECT Chapter: Occupation and Income Income and Tax Deductions

GROSS Income with High School Degree $29,950.00 Monthly income (divide by 12): $2,495.84 Paycheck deductions FICA (Soc Security) 6.2% (x .062) <154.74> Medicare 1.45% (x .0145) < 36.19> Federal taxes 9% (x .090) <224.63> Virginia taxes 3% (x .030) < 74.88> TOTAL MONTHLY DEDUCTIONS <$490.44> TOTAL NET INCOME $2,005.40

GROSS Income with 2 year Degree $37,030.00 Monthly income (divide by 12): $3,085.84 Paycheck deductions FICA (Soc Security) 6.2% (x .062) <191.32> Medicare 1.45% (x.0145) < 44.74> Federal taxes 11% (x .11) <339.44> Virginia taxes 4% (x .040) <123.43> TOTAL MONTHLY DEDUCTIONS <$698.93> TOTAL NET INCOME $2,386.91

GROSS Income with 4 year Degree $44,970.00 Monthly income (divide by 12): $3,747.50 Paycheck deductions FICA (Soc Security) 6.2% (x .062) <232.35> Medicare 1.45% (.0145) < 54.34> Federal taxes 11% (x .11) <412.23> Virginia taxes 4% (x .040) <149.90> TOTAL MONTHLY DEDUCTIONS <$848.82> TOTAL NET INCOME $2,898.68