Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If

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Tom Hanson, single, claiming one exemption, has cumulative earnings before this biweekly pay period of $126,000. If he is paid $1,930 this period, what will his deductions be for FIT and FICA (OASDI and Medicare)? The FICA tax rate for Social Security is 6.2% on $127,200, and Medicare is 1.45% on all earnings. Round to nearest cent as needed.

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College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

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