Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,270 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $140,340. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. (Use Table 9.1). Note: Round your answers to the nearest cent. Social Security taxes Medicare taxes FIT Deductions
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,270 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $140,340. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. (Use Table 9.1). Note: Round your answers to the nearest cent. Social Security taxes Medicare taxes FIT Deductions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and
Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,270 weekly. She is married, filing jointly and prior
to this payroll check has total earnings of $140,340. What are the correct deductions for Social Security, Medicare, and FIT? Assume a
rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. (Use Table 9.1).
Note: Round your answers to the nearest cent.
Social Security taxes
Medicare taxes
Deductions
FIT
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