Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security,
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Question:
Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, and Federal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,240 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $140,280. What are the correct deductions for Social Security, Medicare, and FIT? Assume a rate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. (Use Table 9.1).
Note: Round your answersto the nearest cent.
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