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Author Question: Describe the steps you would take to evaluate the impact of a raise on your current ... (Read 23 times)

arivle123

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on: Jun 24, 2018
Describe the steps you would take to evaluate the impact of a raise on your current salary.

Question 2

Describe how to calculate an employee's taxable income.


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ankilker

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Reply #1 on: Jun 24, 2018
Answer to Question 1

Calculate increase in wages, add increase to current wages, calculate federal, FICA, and state tax on both current and increased wages, total each group of deductions, subtract deductions from respective wages, and then subtract current take-home pay from increased take-home pay to calculate the net increase in pay.

Answer to Question 2

First calculate adjusted gross income by subtracting any adjustments to income from gross income. Then calculate taxable income by subtracting deductions and exemptions from adjusted gross income.


arivle123

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Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)

Joy Chen

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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