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Question Help B. 1.2.23 In 2012, to help pay for college, you worked part-time at a local restaurant, earning $24,000 in wages and tips. Use
Question Help B. 1.2.23 In 2012, 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 2012 Marginal Tax Rates, Standard Deductions, and Exemptions 2012 FICA tax rates were as follows: Tax Rate Single 5.65% on the first $110,000 from 10% up to 56700 wages and tips 15% 58701 to 1.45% on income in excess of $35.350 $110.000 Standard Deduction $5950 Taxpayers are not permitted to subtract Exemptions $3800 adjustments, exemptions, or deductions (per person) when determining FICA taxes P a. Calculate your FICA taxes The FICA taxes are 50
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