Not a grade payall mandatory deductions are paid.Directions: In the chart below, you are given your Gross Income amount and all required deductions. Use that informatto calculate your Net Income.Gross Monthly Income ($72,000 yearly income 12)Federal Income Tax (22% based on yearly income)State Income Tax (6% in Georgia)FICA (Medicare) (1.45%)Social Security (6.2% in Georgia)Insurance (Health, Dental, Vision, etc.)GENERANet Monthly IncomePart III: Plan for Future Spending (Long Term Saving)Future spending is for purchases you will make sometime in the future, typically a year or more later. The costs tend tohigher than regular spending and thus require saving for it. This is often referred to as long term saving. Examples of thcan include investing, saving for a car or home purchase or even a new cell phone.A. Identify a long term goal you wish to save towards (try to be specific):B. How long do you plan to save for?C. How much do you need to save each year to reach your goal?BombomD. How much do you need to save each month to reach your goal?Sebes$6,000$1,276$348$84$360$200

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Directions: In the chart below, you are given your Gross Income amount and all required deductions. Use that informat to calculate your Net Income. Gross Monthly Income ($72,000 yearly income ÷ 12) Federal Income Tax (22% based on yearly income) State Income Tax (6% in Georgia) FICA (Medicare) (1.45%) Social Security (6.2% in Georgia) Insurance (Health, Dental, Vision, etc.) Net Monthly Income $6,000 $1,276 $348 $84 $360 $200

Directions: In the chart below, you are given your Gross Income amount and all required deductions. Use that informat to calculate your Net Income. Gross Monthly Income ($72,000 yearly income ÷ 12) Federal Income Tax (22% based on yearly income) State Income Tax (6% in Georgia) FICA (Medicare) (1.45%) Social Security (6.2% in Georgia) Insurance (Health, Dental, Vision, etc.) Net Monthly Income $6,000 $1,276 $348 $84 $360 $200

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 50BE

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