Lauren Buffet 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 $5,800 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $ 145,050. What are the correct deductions for Social Security, Medicare, and federal income tax withholding (FIT)? Assume a rate of 6.2% on $147,000 for Social Security and 1.45% for Medicare.
Lauren Buffet 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 $5,800 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $ 145,050. What are the correct deductions for Social Security, Medicare, and federal income tax withholding (FIT)? Assume a rate of 6.2% on $147,000 for Social Security and 1.45% for Medicare.
Chapter6: Accounting Periods And Other Taxes
Section: Chapter Questions
Problem 15MCQ
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT