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Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,500. He is single and claims 1 deduction.
Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,500. He is single and claims 1 deduction. Before this payroll, Barrett's cumulative earnings were $128,125. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1 and Table 9.2) (Round your answers to 2 decimal places.) FIT $ $ Social Security taxes Medicare taxes 4,725.00 17.05 195.75 $ Percentage Method Tables for Income Tax Withholding (For Wages Paid in 2018) TABLE 1-WEEKLY Payroll Period (a) SINGLE person (including head of household) (b) MARRIED person- If the amount of wages If the amount of wages (after subtracting The amount of income tax (after subtracting The amount of income tax withholding allowances) is: to withhold is: withholding allowances) is: to withhold is: Not over $71... SO Not over $222 SO Over- But not over- of oxcess over-Over- But not over of excess over- $71 $254 $0.00 plus 10% $71 $222 -$588 $0.00 plus 10% -$222 $254 $815 $18.30 plus 129 $264 $588 -$1,711 . $36.60 plus 12% -$588 $815 -$1,658 $85.62 plus 22% -$815 $1,711 $3,395 $171.36 plus 22% -$1,711 $1,658 $3,100 $271.08 plus 24% -$1.658 $3,395 -$6,280 S541.84 plus 24% 33,395 $3,100 -$3,917 $617.16 plus 32% -$3,100 $6,280 -$7,914 $1,234.24 plus 32% -S6,280 $3,917 -$9,687 $878.60 plus 35% -$3,917 $7,914 -$11,761 $1,757.12 plus 35% -$7,914 $9,687 $2.898.10 plus 37% 39.687 $11,761 $3, 103.57 plus 37% -$11,761
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