Question
Assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the
Assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.)
Employee Pat Brown Marital status M Allowances claimed 4 Gross pay $2,600 FIT $ S.S. FICA $ Med. $ Net pay $
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Weekly Gross pay 2600 Federal Income Tax rate 620 Social Security deduction 620 Medicare dedu...
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Step: 2
Step: 3
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Public Finance and Public Policy
Authors: Jonathan Gruber
4th edition
1429278455, 978-1429278454
