To determine The simplify problem for FICA Taxes. Explanation Given: Larae salary = $21,200. Formula Used: p a r t a m o u n t = w h o l e a m o u n t 100 × % . Calculations: Larae earned $21200 in wages. The income tax gets by subtracting her personal exemption $3900 and standard deduction $6100, so taxable income is $21200-$3900-$6100=$11200. From Table 9.4, 2006 income tax the first $7550 come under 10% tax and 15%on remaining amount so income tax is ( 10 % × $ 8925 ) + ( 15 % × ( $ 11200 − $ 8925 ) ) = $ 892...

6th Edition

ISBN: 9780321922205

Author: Bennett

Publisher: PEARSON CO

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Chapter 4.E, Problem 52E

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The simplify problem for FICA Taxes.

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Chapter 4.E, Problem 51E

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