Rory earns $70,000 per year as a college professor. Latesia is a marketing executive with a salary

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Rory earns $70,000 per year as a college professor. Latesia is a marketing executive with a salary of $140,000. With respect to FICA taxes, what are Rory’s and Latesia’s

a. Total FICA taxes?

b. Marginal FICA tax rates?

c. Average FICA tax rates?

d. Effective FICA tax rates?

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Concepts In Federal Taxation 2021

ISBN: 9780357141212

28th Edition

Authors: Kevin E. Murphy, Mark Higgins, Randy Skalberg

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Question Posted: Nov 17, 2020 11:20 PM

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Rory earns $70,000 per year as a college professor. Latesia is a marketing executive with a salary

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Step by Step Answer:

a Rorys total FICA taxes 535500 Latesias total FICA taxes 1056740 Rorys salary is under the OASDI So...View the full answer

Concepts In Federal Taxation 2021

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