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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 is $500
Jim Push, a manager for Marvy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum level for Social Security. What will his net pay be if he earns $760? Jim is married and claims one exemption. Use the percentage method. Use a Social Security tax rate of 6.2% on a $118,500 base. Use a Medicare tax rate of 1.45% with no base.
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