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14). a. b. Under what circumstances should taxpayers itemize deductions? How should a taxpayer choose between taking the standard deduction and itemizing deductions? A. The
14).
a. b.
Under what circumstances should taxpayers itemize deductions? How should a taxpayer choose between taking the standard deduction and itemizing deductions? A. The taxpayer should find the sum of his deductible expenditures. If the sum is greater than the standard deduction, he should choose standard deduction. B. The taxpayer should find the sum of his deductible expenditures. If the sum is greater than the standard deduction, he should choose itemized deduction. C. The taxpayer should find the sum of his deductions. If the sum is greater than the standard exemption, found in the appropriate tax table, he should choose the standard deduction. D. The taxpayer should find the sum of his deductions. If the sum is greater than the standard exemption, found in the appropriate tax table, he should choose an itemized deduction. You decide to work part-time at a local supermarket. The job pays $13.50 per hour and you work 25 hours per week. Your employer withholds 10% of your gross pay for federal taxes, 7.65% for FICA taxes, and 3% for state taxes. Complete parts (a) through (f) below. a. What is your weekly gross pay? The weekly gross pay is $0. (Round to the nearest cent as needed.) b. How much is withheld per week for federal taxes? The federal taxes are $ (Round to the nearest cent as needed.) c. How much is withheld per week for FICA taxes? The FICA taxes are $ (Round to the nearest cent as needed.) d. How much is withheld per week for state taxes? The state taxes are $0. (Round to the nearest cent as needed.) e. What is your weekly net pay? The weekly net pay is $0 (Round to the nearest cent as needed.) f. What percentage of your gross pay is withheld for taxes? The percentage of gross pay withheld for taxes is %. (Round to the nearest tenth as needed.)Step by Step Solution
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