Question
Joseph Farmer earned $128,000 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA
Joseph Farmer earned $128,000 in 2020 for a company in Kentucky. He is single with one dependent under 17 and is paid monthly. The FUTA rate in Kentucky for 2020 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $10,800. Use the percentage method (or the IRS federal income tax withholding assistant) in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked.
Required:
Compute the following employee share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal
Federal income tax withholding_____________________
Social Security tax______________________
Medicare tax__________________
State income tax withholding___________________
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