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Luke and Kara Sanders are married and file a joint return. Luke works as a mechanical engineer making $175,500 a year and Kara is a nurse practitioner making 195,000 Additionally, the firms where both works has seen an increase in profits, and each has received a $15,000 bonus in addition to their regular salaries. What will be the total of the Federal Income and FICA tax the Sanders would pay including the bonuses to the nearest dollar.

Luke and Kara Sanders are married and file a joint return. Luke works as a mechanical engineer making $175,500 a year and Kara is a nurse practitioner making 195,000 Additionally, the firms where both works has seen an increase in profits, and each has received a $15,000 bonus in addition to their regular salaries. What will be the total of the Federal Income and FICA tax the Sanders would pay including the bonuses to the nearest dollar.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Luke and Kara Sanders are married and file a joint return. Luke works as a mechanical engineer making $175,500 a year and Kara is a nurse practitioner making 195,000 Additionally, the firms where both works has seen an increase in profits, and each has received a $15,000 bonus in addition to their regular salaries. What will be the total of the Federal Income and FICA tax the Sanders would pay including the bonuses to the nearest dollar. Hint: Compare with Social Security limit
Transcribed Image Text:Luke and Kara Sanders are married and file a joint return. Luke works as a mechanical engineer making $175,500 a year and Kara is a nurse practitioner making 195,000 Additionally, the firms where both works has seen an increase in profits, and each has received a $15,000 bonus in addition to their regular salaries. What will be the total of the Federal Income and FICA tax the Sanders would pay including the bonuses to the nearest dollar. Hint: Compare with Social Security limit
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