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According to the Seton Hall Career Center, the 2019 graduates of the Stillman School of Business earned an average salary of $58,910 per year their first year after graduation. Assume that is the salary that you will earn following graduation. Answer all of the following questions based on the lifestyle that you expect to be able to live the year after you graduate. Create your own excel spread sheet to help you answer the following questions. Attach your spreadsheet.

1. Tax schedules and instructions for calculation are attached. What will your yearly tax bill be?
2. What will your monthly income be after taxes?

Federal Income Tax Rates in 2019

Rate	Individuals	Married Filing Jointly
10%	$0	$0
12%	$9,700	$19,400
22%	$39,475	$78,950
24%	$84,200	$168,400
32%	$160,725	$321,450
35%	$204,100	$408,200
37%	$510,300	$612,350

New Jersey Income Tax Rates in 2019

Single Filer			Married Filing Jointly
Rates		Brackets	Rates		Brackets
1.40%	>	$0	1.40%	>	$0
1.75%	>	$20,000	1.75%	>	$20,000
3.50%	>	$35,000	2.45%	>	$50,000
5.53%	>	$40,000	3.50%	>	$70,000
6.37%	>	$75,000	5.53%	>	$80,000
8.97%	>	$500,000	6.37%	>	$150,000
10.75%	>	$5,000,000	8.97%	>	$500,000
			10.75%	>	$5,000,000

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