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Need answer for Federal Income Tax Withholding. Please show work. Thank you! [The following information applies to the questions displayed below.) Joseph Farmer earned $126,600
Need answer for Federal Income Tax Withholding. Please show work. Thank you!
[The following information applies to the questions displayed below.) Joseph Farmer earned $126,600 in 2019 for a company in Kentucky. He is single with one withholding allowance and is paid annually. The FUTA rate in Kentucky for 2019 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 $10,500. Use the percentage method withholding tables in Appendix Cand the state information in Appendix D. Use Figure 5.4. Problem 6-4A (Algo) Required: Compute the following employee share of the taxes. (Round your answers to 2 decimal places.) Federal income tax withholding Social Security tax Medicare tax State income tax withholding $ 7,849.20 $ 1,835.70 $ 6,330.00Step by Step Solution
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