Jim is a senior in college and just started his first job as a sales associate. At his new job, she expects to make about $42,000 per year. He is excited to receive his paycheck, which is given twice a month. Jim learns that 15% of his gross pay will be withheld for federal income tax, 4% for state income tax and 6% for Social Security and Medicare taxes. Help Jim figure out what his take home, or net pay is, and how much he will pay in taxes each paycheck. a. How much money will Jim pay in taxes each paycheck?
Federal:
State:
Social Security and Medicare: