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A graduated income tax applies a different tax rate to different income levels. As one's income rises, so does the tax rate.
The tax withheld per pay period can be computed by using the formula:
[tex]\mathbf{\text{The tax withheld per pay period} =\dfrac{\text{annual tax withheld }}{\text{ number of pay period per year}}}[/tex]
Exemptions include:
For state taxes; if the annual gross pay is higher than $40,000;
Since Leslie is single, the exemption will be $2000;
Thus,
Her taxable income will be = $54,400 - $2,000
= $52,400
However, Leslie tax annual rate on the first month and subsequent month can now be:
= $((40,000)×3%) + $(52,400 -40,000)×4.5%
= $(40,000 × 0.03) + $(12,400 ×0.045)
= $1200 + $558
=$1758
To determine the monthly state tax withheld, we have:
= $1758/12
= $146.5
Therefore, we can conclude that the monthly state tax withheld is:
= $146.5
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The amount paid by Leslie Channings on monthly basis is $340
Your question is not complete, it is missing the following the information below;
"the state tax on annual gross pay is 7.5%"
The given parameters;
the gross annual pay, = $54,400
The total amount paid by Leslie Channings from his pay is calculated as;
amount = 0.075 x 54,400
amount = $4080
The amount paid by Leslie Channings on monthly basis is calculated as;
[tex]monthly \ withheld \ money = \frac{\$4080}{12} = \$340[/tex]
Thus, the amount paid by Leslie Channings on monthly basis is $340
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