Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The federal income tax is at 20% on all salaries and wages, and the FICA ta): rate on the first $95,000 in salaries and wages
The federal income tax is at 20% on all salaries and wages, and the FICA ta): rate on the first $95,000 in salaries and wages is at 7.65%. Humphry had an annual salary 0f$145,000 last year. Ifthese are his only two deductions. what would be his total deductions for the year? '3' $33,092.50 '733' $40,092.50 '3' $36,26?.50 ":3" $46,732.50
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started