100 POINTS 6. Victor expects his gross income to be $38,000 this year, but Social Security, Medicare,
federal income tax, and state income tax will be deducted from his pay. Victor lives in Illinois,
which has a flat state income tax of 3%, and he expects that 14% of his gross income will be
withheld for federal income tax. He wants to calculate his projected take-home pay for the
year. (5 points: Part 1 - 1 point; Part II - 1 point; Part III - 1 point; Part IV - 1 point; Part V - 1
point)
Part I: How much of Victor's gross income will be taken out for Social Security?
Part II: How much of Victor's gross income will be taken out for Medicare?
Part III: How much of Victor's gross income will be taken out for federal income tax?
Part IV: How much of Victor's gross income will be taken out for state income tax?
Part V: What is Victor's projected take-home pay for the year?