parents: two adults, both in their early 30s\nchild: one toddler, 2 years old (since the toddler is 2, you…

parents: two adults, both in their early 30s\nchild: one toddler, 2 years old (since the toddler is 2, you need to fin daycare)\nresidence: renting a 3 - bedroom apartment in a suburban area of a mid - sized city\n\nemployment and income:\nparent 1: software developer who works in lawrenceville\n gross annual salary: $50,000\nparent 2: nurse who works in duluth\n gross annual salary: $45,000\ntotal gross income: $95,000 per year\n\nanswer the following questions:\nannual gross income for both: \nmonthly income for both: \nmonthly net income for both members: (to answer this question you need to have in mind the basic withholdings: federal income tax, georgia tax, social security, and medicare)\nnet annual income: \ngeorgia tax is flat rate at 5.19%\n\n2025 federal tax brackets\ntax bracket/rate single married filing jointly head of household\n10% $0 - $11,925 $0 - $23,850 $0 - $17,000\n12% $11,926 - $48,475 $23,851 - $96,950 $17,001 - $64,850\n22% $48,476 - $103,350 $96,951 - $206,700 $64,851 - $103,350\n24% $103,351 - $197,300 $206,701 - $394,500 $103,351 - $197,300\n32% $197,301 - $250,525 $394,601 - $501,050 $197,301 - $250,500\n35% $250,526 - $523,600 $501,051 - $751,600 $250,501 - $628,350\n37% $523,601+ $751,601+ $628,351+

parents: two adults, both in their early 30s\nchild: one toddler, 2 years old (since the toddler is 2, you need to fin daycare)\nresidence: renting a 3 - bedroom apartment in a suburban area of a mid - sized city\n\nemployment and income:\nparent 1: software developer who works in lawrenceville\n gross annual salary: $50,000\nparent 2: nurse who works in duluth\n gross annual salary: $45,000\ntotal gross income: $95,000 per year\n\nanswer the following questions:\nannual gross income for both: \nmonthly income for both: \nmonthly net income for both members: (to answer this question you need to have in mind the basic withholdings: federal income tax, georgia tax, social security, and medicare)\nnet annual income: \ngeorgia tax is flat rate at 5.19%\n\n2025 federal tax brackets\ntax bracket/rate single married filing jointly head of household\n10% $0 - $11,925 $0 - $23,850 $0 - $17,000\n12% $11,926 - $48,475 $23,851 - $96,950 $17,001 - $64,850\n22% $48,476 - $103,350 $96,951 - $206,700 $64,851 - $103,350\n24% $103,351 - $197,300 $206,701 - $394,500 $103,351 - $197,300\n32% $197,301 - $250,525 $394,601 - $501,050 $197,301 - $250,500\n35% $250,526 - $523,600 $501,051 - $751,600 $250,501 - $628,350\n37% $523,601+ $751,601+ $628,351+

Answer

Explanation:

Step1: Calculate monthly gross income

Divide annual gross income by 12. $95000\div12\approx 7916.67$

Step2: Calculate federal income - tax

Since the couple's annual income of $95000$ (filing jointly) falls in the $12%$ tax - bracket ($23851 - 96950$), the federal income tax is $0.12\times95000 = 11400$.

Step3: Calculate Georgia tax

Georgia tax rate is $5.19%$, so Georgia tax is $0.0519\times95000=4930.5$.

Step4: Calculate Social Security and Medicare

Social Security is $6.2%$ of income and Medicare is $1.45%$ of income. The combined rate is $6.2% + 1.45%=7.65%$. So the amount is $0.0765\times95000 = 7267.5$.

Step5: Calculate total deductions

Total deductions are $11400 + 4930.5+7267.5 = 23600$.

Step6: Calculate net annual income

Net annual income is $95000 - 23600=71400$.

Step7: Calculate monthly net income

Monthly net income is $71400\div12 = 5950$.

Answer:

Annual Gross income for both: $95000$ Monthly income for both: $7916.67$ Monthly net income for both members: $5950$ Net annual income: $71400$