Applied Mathematics Assignment

Added on - 29 Apr 2020

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APPLIED MATHEMATICS
Table of ContentsPART 1 Personal taxes...............................................................................................................1Client’s information................................................................................................................1Calculate Client’s FICA tax...................................................................................................1Calculate Income tax..............................................................................................................1Calculate total tax bill of the client along with what % of income owned as a tax................2REFERENCES...........................................................................................................................3
PART 1 PERSONAL TAXESClient’s informationClient nameMailory GriffithFilling statusMarried filing jointlyGross income78600Adjustments4600Deductible expenses7729Number of exemptions5Deductible expensesDeductible expense charged on rent of house of an individualMailory Griffith has spouse named John along with their five kids Ellie, Tatiana,Lena, tori and Lauren on which she gets deduction from her income. Age of ellie is 4 yearsold, Tatiana is 5 years old, Lena is 6 years old, toru is 7 years old and Lauren is 8 years oldCalculate Client’s FICA taxCalculation of FICASocialsecurity12.4 of first $127200 ofwagesMedicare2.9% on all wagesIn the current case, Social security has not applicable in assessing the taxable incomeof Maliory Griffith as their total salary is just $78600 instead of $127200.Gross income78600Medicare levy@2.9%2279.4Total FCA2279.4Calculate Income taxParticularsAmountGross income78600Less: adjustments to income4600Adjusted gross income74000Less: deductions7729Taxable income66271Tax ratesRatesMarried filing jointly10%Up to $18,6501
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