Question
47-52: FICA Taxes. For each of the following individuals, calculate the FICA taxes and income taxes to obtain the total tax owed. Then find the
47-52: FICA Taxes. For each of the following individuals, calculate the FICA taxes and income taxes to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA income taxes. Assume that all the individuals are single and take the standard deduction. Use the tax rates on Table 4.9.
49. Jack earned a salary of $44,800 and received $1,250 in interest.
The answer to problem 49 is:
FICA tax = $3,427: Income tax = $4,881: Total Tax = $8,308: Total rate = 18.0%
I have attached Table 4.9 for the solution to the problem. Thank you.
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