Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,500. He is single. Before this payroll, Barrett's cumulative earnings were $142,080. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1) Note: Round your answers to 2 decimal places. FIT Social Security taxes Medicare taxes $ $ $ 4,025.00 44.64 166.75

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,500. He is single. Before
this payroll, Barrett's cumulative earnings were $142,080. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.)
Calculate FIT by the percentage method. (Use Table 9.1)
Note: Round your answers to 2 decimal places.
FIT
Social Security taxes
Medicare taxes
$ 4,025.00
$
44.64
$
166.75
Transcribed Image Text:Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,500. He is single. Before this payroll, Barrett's cumulative earnings were $142,080. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1) Note: Round your answers to 2 decimal places. FIT Social Security taxes Medicare taxes $ 4,025.00 $ 44.64 $ 166.75
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