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

2. 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

3. 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

4. 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