Michael Sierra contributes $50 to a flexible spending account each period. He is married, claims four federal withholding allowances and three state withholding allowances, and his weekly gross pay was $2,450. His current year taxable earnings for FICA taxes, prior to the current pay period, are $117,600. Please answer both taxes for 2021 and 2022. Social Security Tax: $______ Medicare Tax: $_____

Michael Sierra contributes $50 to a flexible spending account each period. He is married, claims four federal withholding allowances and three state withholding allowances, and his weekly gross pay was $2,450. His current year taxable earnings for FICA taxes, prior to the current pay period, are $117,600. Please answer both taxes for 2021 and 2022. Social Security Tax: $__ Medicare Tax: $_

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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