Math Problem Statement
Aliza Grajek is a self-employed nurse with
20202020
salary income of
$ 84 comma 000.00$84,000.00
and taxable annual income (federal and state) of
$ 64 comma 000.00$64,000.00
after adjustments and deductions. Calculate her total
20202020
income tax liability, including federal and FICA taxes.
Solution
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Math Problem Analysis
Mathematical Concepts
Taxation
Percentage Calculations
Income Brackets
Formulas
Federal Income Tax: (Taxable Income - Bracket Threshold) × Tax Rate
FICA Social Security Tax: Income × 6.2%
FICA Medicare Tax: Income × 1.45%
Theorems
-
Suitable Grade Level
College or Advanced High School (Grades 11-12)
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