blame turner a pharmacy technician, earns an annual fross pay of $41,300. he is married with 2 dependents and his exemptions total $8000
To calculate Blame Turner's net pay, we first need to determine his taxable income. Here's how:
1. Start with the annual gross pay: $41,300
2. Subtract any deductions or exemptions. In this case, Blame has exemptions totaling $8,000. Subtract this from the gross pay: $41,300 - $8,000 = $33,300.
Next, we will determine the amount of federal income tax that Blame owes based on his taxable income. To do this, we need to refer to the current tax brackets and rates set by the Internal Revenue Service (IRS). Assuming these rates for simplicity:
1. Determine his income bracket: The tax brackets for 2021 are subject to change, but as an example, let's say Blame falls in the 12% tax bracket for single individuals with taxable income between $9,951 and $40,525. Since his taxable income is $33,300, he falls within this bracket.
2. Calculate his federal income tax: Multiply his taxable income by the tax rate. In this case, 12% of $33,300. The federal income tax owed would be $3,996.
In addition to federal income tax, other deductions may apply, such as Social Security and Medicare taxes. For simplicity, let's assume that Blame's income is subject to the standard Social Security tax rate of 6.2% and Medicare tax rate of 1.45%:
1. Calculate Social Security tax: Multiply the gross income by the Social Security tax rate. In this case, 6.2% of $41,300. The Social Security tax owed would be $2,559.60.
2. Calculate Medicare tax: Multiply the gross income by the Medicare tax rate. In this case, 1.45% of $41,300. The Medicare tax owed would be $598.35.
Now, let's calculate Blame's net pay:
1. Subtract federal income tax: $41,300 - $3,996 = $37,304
2. Subtract Social Security tax: $37,304 - $2,559.60 = $34,744.40
3. Subtract Medicare tax: $34,744.40 - $598.35 = $34,146.05
Based on these calculations, Blame Turner's net pay would be approximately $34,146.05 per year.
Please note that this calculation is an example to demonstrate the process and may not reflect the exact tax rates or deductions applicable to Blame's specific situation. Additionally, there may be other factors, such as state taxes or additional deductions, that further impact the final net pay amount.