Instructions Use the Excel spreadsheet attached to this assignment to determine your taxable income and difference between Gross Pay and Net Pay. All you need to do is change the Gross Pay amount high
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Use the Excel spreadsheet attached to this assignment to determine your taxable income and difference between Gross Pay and Net Pay. All you need to do is change the Gross Pay amount highlighted in yellow and the taxable income will automatically calculate for you at the bottom.
Then use the Tax Act Tax Calculator ( https://www.taxact.com/tools/tax-bracket-calculator ) to determine how much you will owe in income taxes for 2022 by entering your Gross Income into the calculator. Enter this number on the spreadsheet in the yellow highlighted cell towards the bottom of the page.
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Complete and submit two spreadsheets; one for your current income and one for your anticipated income your first year after graduation. Your anticipated income can be a general estimation.
Make sure to save each spreadsheet so they can be submitted separately to this assignment. Note that this is only for federal income tax and does not include state income tax. You can research income tax for the state of MN if you would like, but it is not required for this assignment.
Note that there are two pre-tax deductions included on the spreadsheet that reduce your taxable income: health insurance premiums and retirement contributions. If you have health insurance through your employer, the premium is deducted directly from your paycheck. Also, if you choose to contribute to a retirement plan (401K or 403B), the amount is taken out of your paycheck pre-tax. I have included estimated numbers for these items in the spreadsheet (the health insurance premium assumes single coverage and 401K contribution is 10% of gross pay), but please feel free to change them if you would like. The standard deduction is used to determine taxable income. Another assumption is that you are filing your taxes as single.
Once you have entered the amount of taxes owed for 2022, the spreadsheet will calculate your Net Pay, which is the amount you will receive for the year after health insurance, retirement contributions, FICA tax, and federal income tax have been deducted from your paycheck.