12 Syed Gupta earns a bi-weekly salary of $4,723.08 with no adjustments to income. He is married and claims 7 withholding allowances. Find the federal tax withholding to be deducted from his bi-weekly paycheck using the percentage method tables shown. 2012 IRS Table for Figuring Withholding Allowance Acconding to the Peroentage Method a-$541.66 b.1,5 1 $1,299.41 Od. $79742 3 Mai earns a gross weekly income of $574.56. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent. Answer: a. Social Security tax = $25.13 Medicare tax $9.33 b. Social Security tax = $241.32 Medicare tax $83.31 C. Social Security tax $2.41 Medicare tax $0.83 d. Social Security tax-$24.13 Medicare tax $8.33 12 Syed Gupta earns a bi-weekly salary of $4,723.08 with no adjustments to income. He is married and claims 7 withholding allowances. Find the federal tax withholding to be deducted from his bi-weekly paycheck using the percentage method tables shown. 2012 IRS Table for Figuring Withholding Allowance Acconding to the Peroentage Method a-$541.66 b.1,5 1 $1,299.41 Od. $79742 3 Mai earns a gross weekly income of $574.56. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent. Answer: a. Social Security tax = $25.13 Medicare tax $9.33 b. Social Security tax = $241.32 Medicare tax $83.31 C. Social Security tax $2.41 Medicare tax $0.83 d. Social Security tax-$24.13 Medicare tax $8.33