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In 2016, to help pay for college, you worked part-time at a local restaurant, earning $24,000 in wages and tips. Use the following information
In 2016, to help pay for college, you worked part-time at a local restaurant, earning $24,000 in wages and tips. Use the following information to complete parts (a) through (c) below. For people who are not self-employed, the 2016 FICA tax rates were as follows: 7.65% on the first $118,500 from wages and tips 1.45% on income in excess of $118,500 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Tax Rate 10% 15% Standard Deduction Single up to $9275 $9276 to $37,650 $6300 Exemptions (per person) $4050
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