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Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim has earned
Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim has earned $118,000 and is therefore $500 below the maximum level for Social Security. What will his net pay be if he earns $760 this week? Jim is married and claims one exemption. Use the percentage method. Assume a FICA tax rate of 6.2% on $118,500. Please show all of the steps that you used to calculate and the answers for the following: Social Security Medicare FIT Net Pay
Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim has earned $118,000 and is therefore $500 below the maximum level for Social Security. What will his net pay be if he earns $760 this week? Jim is married and claims one exemption. Use the percentage method. Assume a FICA tax rate of 6.2% on $118,500.
Please show all of the steps that you used to calculate and the answers for the following:
Social Security
Medicare
FIT
Net Pay
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Economics In Minutes 200 Key Concepts Explained In An Instant
Authors: Niall Kishtainy
1st Edition
1782066470, 9781782066477
