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 $4,100 weekly. She is married, claims 2 deductions, and prior to this payroll check, has total earnings of $116,800. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2). (Round your answers to the nearest cent.) Social Security Medicare 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 $4,100 weekly. She is married, claims 2 deductions, and prior to this payroll check, has total earnings of $116,800. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2). (Round your answers to the nearest cent.) Social Security Medicare FIT Deductions $ $ $
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter14: Planning For Retirement
Section: Chapter Questions
Problem 4FPE
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![Word Problem 9-28 [LU 9-2 (2)]
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 $4,100 weekly. She is married, claims 2 deductions,
and prior to this payroll check, has total earnings of $116,800. What are the correct deductions for Social Security, Medicare, and FIT?
Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2). (Round your answers to
the nearest cent.)
Social Security
Medicare
FIT
Deductions
ta ta ta
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F36140b03-f341-4c4d-9bde-da05bb41382f%2Faa62c70e-fc60-4734-8502-37ba0b3670e5%2Fz3mtcof_processed.png&w=3840&q=75)
Transcribed Image Text:Word Problem 9-28 [LU 9-2 (2)]
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 $4,100 weekly. She is married, claims 2 deductions,
and prior to this payroll check, has total earnings of $116,800. What are the correct deductions for Social Security, Medicare, and FIT?
Assume a rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. (Use Table 9.1 and Table 9.2). (Round your answers to
the nearest cent.)
Social Security
Medicare
FIT
Deductions
ta ta ta
$
$
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