A single person earns a gross biweekly salary of $840 and claims 5 exemptions. how will federal taxes affect his net pay? a. federal taxes will not affect the net pay. b. net pay will increase $11 from the gross pay. c. net pay will decrease $11 from the gross pay. d. net pay will decrease $13 from the gross pay.

Respuesta :

The correct answer is option A. federal taxes will not affect the net pay.

The federal income tax is a tax on annual income for individuals, businesses, and different felony entities. All wages, salaries, cash items from employers, business income, hints, gambling profits, bonuses, and unemployment advantages are challenges to a federal profits tax.There are seven federal tax brackets for the 2021 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Your bracket relies upon your taxable profits and filing fame.

Most states also hold a profits tax, while a few do no longer. however, all citizens and all residents of the USA are subject to the federal income tax. not everyone, however, must record a tax go back. The requirements for filing are observed in 26 united states of America.

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