Mike Mays' earned $ 360 for the first week of March Tip received for the month...

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Mike Mays' earned $ 360 for the first week of March Tip received for the month of February $ 700 Total taxable income in the hand for Mike mays is $1060 Any tip received by a person whether in form of cash or other electronic mode or even non cash tip if exceeds $20 in totality, is subjected to Federal tax on Income including social security tax and Medicare tax. Employers are liable to withhold the Income tax and social security tax including Medicare taxes. at the given rate - Employer withholding tax @ 9% Social security tax @6.2% and Medicare tax rate @ 1.45% State income tax @2% Mike Mays' earned $ 360 for the first week of March Tip received for the month of February $ 700 Total taxable income in the hand for Mike mays is $1060 Any tip received by a person whether in form of cash or other electronic mode or even non cash tip if exceeds $20 in totality, is subjected to Federal tax on Income including social security tax and Medicare tax. Employers are liable to withhold the Income tax and social security tax including Medicare taxes. at the given rate - Employer withholding tax @ 9% Social security tax @6.2% and Medicare tax rate @ 1.45% State income tax @2%

Answer rating: 100% (QA)

To calculate the taxes withheld from Mike Mays total taxable income of 1060 we need to apply the res... View the full answer