BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
$102.30
|
|
|
$115.25
|
|
|
$126.70
|
|
|
$135.40
|
Detailed explanation-1: -If the gross pay is $500, Social Security and Medicare combined come to $38.25. The employee’s federal income tax is $47.50.
Detailed explanation-2: -Tax bracket ranges also differ depending on your filing status. For example, for single filers, the 22% tax bracket for the 2022 tax year starts at $41, 776 and ends at $89, 075. However, for head-of-household filers, it goes from $55, 901 to $89, 050.
Detailed explanation-3: -Arizona Income Taxes Single taxpayers and those married filing separately are taxed at 2.55% for income under $28, 653 and 2.98% for all other income above that. Joint filers and heads of household will pay 2.55% for income under $57, 305 and 2.98% for additional income above that.
Detailed explanation-4: -With a salary of $75, 000, you fall into the 22% tax rate bracket. Does this mean all your salary is taxed at 22%? No, only a portion of your salary will be taxed at this rate. Of that $75, 000, the first $10, 275 is taxed at 10%.