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Baker is single and earned $226,000 of salary as an employee in 2020. How much should his employer have withheld from his paycheck for FICA
Baker is single and earned $226,000 of salary as an employee in 2020. How much should his employer have withheld from his paycheck for FICA taxes? (Round your answer to the nearest whole dollar amount.) Multiple Choice O $10.562 $17.236 O $11,800 $12.048 Carolyn has an AGI of $39,100 (all from earned Income) and two qualifying children and is filing as a head of household. What amount of earned Income credit is she entitled to? (Exhibit 8-10) Multiple Choice O so O O $1,756 O $3,816 $4.164 O O $5.920 EXHIBIT 8-10 2020 Earned Income Credit Table (1) Maximum (3) Credit Phase-Out for AGI No Credit When AGI (or Earned Income Maximum (or earned income if (5) earned income if greater) Qualifying Eligible for Credit greater) Over This Phase-Out Equals or Exceeds This Amount Children Credit Credit % (1) x (2) Amount Percentage (4) (3) (5) Married taxpayers filing joint returns 0 $7,030 7.65% $ 538 $14.680 7.65% $21,710 1 10,540 34 3,584 25,220 15.98 47,646 2 14,800 40 5,920 25,220 21.06 53,330 3+ 14,800 45 6,660 25,220 21.06 56.844 All taxpayers except married taxpayers filing joint returns 0 $ 7,030 7.65% $ 538 $8,790 7.65% $15,820 1 10,540 34 3,584 19,330 15.98 41,756 2 14,800 40 5,920 19,330 21.06 47,440 3+ 14.800 45 6,660 19,330 21.06 50,954 Sowce: Internal Revenue Code. "Rev Proc. 2018-57." www.irs.gou
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