1.) I don't know how to Calculate FIT (Federal Income Tax) Please help. Thank you very much :).

(I PUT MORE PICTURES OF HOW THE BOOK WANTS ME TO CALCULATE Federal Income Tax at the BOTTOM ;))

PROBLEM: Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett.

?*Here's the MOST IMPORTANT INFO BELOW:

*He earns a monthly salary of $12,000.

*He is single and claims 1 deduction.

Before this payroll, Barretts cumulative earnings were $110,500.

(Social Security maximum is 6.2% on $118,500 and Medicare is 1.45%). Calculate FIT by the percentage method. (Do not round intermediate calculations. Round your answer to the nearest cent.) FIT ???? Social Security taxes $496 Medicare taxes $174

In the book, "Practical Business Math Procedures, 12th Ed." on PG248 gives these instructions on how to calculate Federal Income Tax by using the Percentage Method. It is outlined in the Text Below:

PG1 below:

PG2 below: (note: IT IS NOT VERY NECESSARY TO ALL THIS, BUT I THOUGHT IT MAY HELP YOU SEE WHAT THE BOOK IS SAYING :)) I already calculated SS & Medicare :)

PG3 Below: It talks about Percentage Method for Calculated Federal Income Tax (F.I.T.)

PG4 (NOTE: VERY IMPORTANT) This lists the Percentage Method Income Tax Withholding Allowances. For the Problem, The person only has 1 allowance. You have to use this.

(NOTE: There is 3 of these tables from page 5 Below. If you can't see the far right, that is ok because you do not need to. He is NOT married.)

Page 5 a.

Page 5. b

PG 5 C (NOTE THIS ONE IS CRITICAL TO THE PROBELM)