Paycheck and Taxes
Calculate Camila and Ricardo's net income. Ricardo's employer provides a matching 401K and health care benefits. (8 points)
What is
Camila's net
income?
Camila's gross
income
$2,550
15% Federal tax rate + 6.2% Social
Security 1.45% Medicare+
7.95% State taxes 30.6 % Total Tax
IE
Total tax
deductions:
Camila's net pay: (Gross
Income-deductions)
What is
Ricardo's
net income?
What is the
family's total
net income?
Ricardo's
gross income
$3,232
*
15% Federal tax rate + 6.2% Social
Security + 1.45% Medicare+
7.95% State taxes=30.6% Total Tax
Total tax
deductions:
$210 Health Care Benefits
$210 deduction
Ricardo's net pay: (Gross
income-deductions)
Total 401K
5.3% 401K Retirement Benefit
deduction:
D
Perez family total household net income: (Camila + Ricardo's net pay)