An employee works 40 regular hours during a workweek in August of 2023. He was hired six years ago, earns a salary of $116,100/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 403(b) plan.Taxable income for federal income tax withholding = $Taxable income for social security tax = $Taxable income for medicare tax = $

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter13: Tax Credits And Payment Procedures
Section: Chapter Questions
Problem 38P
Question

An employee works 40 regular hours during a workweek in August of 2023. He was hired six years ago, earns a salary of $116,100/year, and is exempt from the overtime provisions of the FLSA. To date, he has received no compensation beyond his annual salary. He has requested that his employer withhold 8% of gross pay, which is to be contributed to a 403(b) plan.

Taxable income for federal income tax withholding = $
Taxable income for social security tax = $
Taxable income for medicare tax = $

 

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