Tommy will need to pay 4.75%. FICA is 7.65%. Tommy's net pay of $3,119.52.
At his after-school job, Tommy grossed $4,020 for the year. Based on his income level, the federal tax rate he'll need to pay is 10%. For his state taxes.
What is the federal tax?
The federal income tax is a tax on annual earnings for individuals, businesses, and other legal entities. All wages, salaries, cash gifts from employers, business income, tips, gambling income, bonuses, and unemployment benefits are subject to a federal income tax.
Tommy will need to pay 4.75%. FICA is 7.65%.
Tommy's net pay of $3,119.52.
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