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Mathematics, 21.10.2019 20:00 21schraderlily
Pretend that you are grown up and on your own, starting your life in your chosen career. create a personal budget for your new, independent life.
find a typical starting salary for a career that interests you from an online source. (you can use the salary you located earlier in the discussion about cost of living adjustments.)
chosen career: veterinarian
typical starting salary:
calculate the taxes you would have to pay on this salary. be sure to show your calculations.
first, find your annual income tax based on this rate schedule:
2013 u. s. federal income tax rates for single adults
10% on taxable income from $0 to $8,925, plus
15% on taxable income over $8,925 to $36,250, plus
25% on taxable income over $36,250 to $87,850, plus
28% on taxable income over $87,850 to $183,250, plus
33% on taxable income over $183,250 to $398,350, plus
35% on taxable income over $398,350 to $400,000, plus
39.6% on taxable income over $400,000.
then, find your annual social security tax (6.2 percent of total income):
next, find your annual medicare tax (1.45 percent of total income):
now find your net annual income after taxes (subtract your federal income tax, social security tax, and medicare tax, from your annual salary:
now that youâve found your net annual income, divide this number by 12 to find your net monthly income:
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