Frank Peterson makes $6,100.00 monthly. He is married and has 1 child. He pays $655.00 each pay period for medical coverage for his family. He puts in 3.5% of his pay to his 401K retirement plan. His state’s income tax is 5.65%. According to the federal government he needs to pay $586.00 in federal taxes each month. The state government wants him to pay $306.00 in state taxes each week. How much money will he bring home in his paycheck?

Quiz on tax deductions based on marital status and the number of dependents - for individuals who earn (their salary) the same exact amount but their number of dependents will differ.  Even though two or more people can make the same salary, the amount each takes home will be different. Paychecks include all kinds of deductions such as federal taxes, state taxes, Medicare taxes, health insurance premiums and retirement savings.  In fact, more deductions can be added in later as you age (such as long-term care assistance).  The amount of taxes taken out of your paycheck were different if you... Show more

Quiz on tax deductions based on marital status and the number of dependents - for individuals who earn (their salary) the same exact amount but their number of dependents will differ.  Even though two or more people can make the same salary, the amount each takes home will be different.

Paychecks include all kinds of deductions such as federal taxes, state taxes, Medicare taxes, health insurance premiums and retirement savings.  In fact, more deductions can be added in later as you age (such as long-term care assistance).  The amount of taxes taken out of your paycheck were different if you were single or if you were married with dependents.

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