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Use the Social Security tax rate of 6.2% and Medicare tax rate of 1.45% to determine each tax and the total deduction. Thomas Schmitt is
Use the Social Security tax rate of 6.2% and Medicare tax rate of 1.45% to determine each tax and the total deduction. Thomas Schmitt is a designer for Hull Toys. He is married, earns $526 weekly, and claims no allowances. His gross pay to date this year totals $9,912. a) How much does the company deduct from his paycheck this week for federal income, Social Security, and Medicare taxes? b) What is the total deduction amount? (You may use the Married Persons Weekly Payroll table on page 6 for the federal withholding taxes) Use the Social Security tax rate of 6.2% and Medicare tax rate of 1.45% to determine each tax and the total deduction. Thomas Schmitt is a designer for Hull Toys. He is married, earns $526 weekly, and claims no allowances. His gross pay to date this year totals $9,912. a) How much does the company deduct from his paycheck this week for federal income, Social Security, and Medicare taxes? b) What is the total deduction amount? (You may use the Married Persons Weekly Payroll table on page 6 for the federal withholding taxes)
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