Assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. No one

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Assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.)

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Public Finance and Public Policy

ISBN: 978-1429278454

4th edition

Authors: Jonathan Gruber

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Posted Date: Oct 10, 2018 02:45 AM

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Assume a tax rate of 6.2% on $118,500 for Social Security and 1.45% for Medicare. No one

Question:

Employee Pat Brown Marital status M Allowances claimed 4 Gross pay $2,600 FIT $ S.S. FICA $ Med. $ Net pay $ Employee Pat Brown Marital status M Allowances claimed 4 Gross pay $2,600 FIT $ S.S. FICA $ Med. $ Net pay $

Expert Answer:

Weekly Gross pay 2600 Federal Income Tax rate 620 Social Security deduction 620 Medicare dedu... View the full answer

Public Finance and Public Policy

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