Question
The federal income tax is at 20% on all salaries and wages, and the FICA tax rate on the first $95,000 in salaries and wages
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The federal income tax is at 20% on all salaries and wages, and the FICA tax rate on the first $95,000 in salaries and wages is at 7.65%. John Summers had an annual salary of $100,000 last year. If these are his only two deductions, what would be his total deductions for the year?
$20,000.00
$23,750.00
$27,267.50
$72,732.50
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Horngrens Accounting
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
11th edition
978-0133851151, 013385115X, 978-0133866889
