Question

Pls Answer! Will give brainliest. Khanna earns a annual salary of $33,000. Her federal income tax bracket is 20%. She also must pay 7.65 % Social Security and Medicare taxes. She plans to deposit 15% of her net income into a savings account. Rounded to the nearest dollar how much will she save annually?

3203

3581

3960

4571

Answer 1

Answer: $3,581

Step-by-step explanation:

As she plans to save from her net income, we have to find the net income first:

= Net income - Federal taxes - Social and Medicare taxes

= 33,000 - (33,000 * 20%) - (33,000 * 7.65%)

= $23,875.50

The savings will be:

= Net income * Savings percentage

= 23,875.50 * 15%

= $3,581.325

= $3,581