Answer: $13,925
Step-by-step explanation:
Tommy makes $200,000 per year.
He then has to pay taxes of 10% for Federal Income Tax, 4.2% for Social Security Tax, 1.75% for Medicare Tax, and 0.5% for Local Taxes.
His total taxes are therefore:
= 10% + 4.2% + 1.75% + 0.5%
= 16.45%
Taxes in dollars are:
= Monthly salary * taxes
= (200,000/12 months) * 16.45%
= $2,741.67
Monthly take home pay:
= Monthly salary - monthly tax
= 200,000 / 12 months - 2,741.67
= 16,666.67 - 2,741.67
= $13,925
