Question
William Tax, an accountant for Consultation Corporation, has earned $102,700 so far this year (January 1 June 30). In July, William earned $16,000. Assume
William Tax, an accountant for Consultation Corporation, has earned $102,700 so far this year (January 1 – June 30). In July, William earned $16,000. Assume a tax rate of 6.2% for Social Security on $118,500 and 1.45% for Medicare.
Compute Williams’s taxable Social Security Income and Medicare Income and how much is the July tax for Social Security and Medicare?
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Step: 1
To calculate Williams taxable Social Security and Medicare income we first need to find his total in...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
