Answered step by step
Verified Expert Solution
Question
1 Approved Answer
calculate the fica tax and more for the problem below For the person below, calculate the FICA tax and income tax to obtain the total
calculate the fica tax and more for the problem below
For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax Assume that the individualis single and takes the standard deduction A man camed 549,400 in wages and tips. He had no other income. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption per person) Single up to $9325 up to $37.950 up to $01,900 up to $191,660 up to $416,700 up to $418,400 above $478.400 56350 $4050 Let FICA tax rates be 7.65% on the first $127.200 of income from wages, and 1.45% on any income from wages in excess of $127.200. His total FICA taxis (Round up to the nearest dollar) His income tax as (Round up to the nearest dollar) His total tax ewed in (Round up to the nearest dolor.) His overal tax rate is % (Round to one decimal place as needed) Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started