6. Victor expects his gross income to be $48,000 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 4.95%, and he expects that 22% 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 1: How much of Victor's gross income will be taken out for Social Security?