1. Use the following information to complete part (a) through (c) below. Single, ...

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1. Use the following information to complete part (a) through (c) below. • Single, ● ● IRA $4700 mortgage interest $1300 property taxes ● No tax credits ● no dependents Gross income: $56,500 $2000 paid to a tax-deferred ● For people who are not self-employed, the 2016 FICA tax rates were as follows: 7.65% on the first $118,500 from wages and tips 1.45% on income in excess of $118,500 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. a. Calculate their FICA taxes. 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Tax Rate 10% b. Calculate their income tax. 15% 25% Round all answers to the nearest hundredths place, if necessary. Standard Deduction Exemptions (per person) Single Up to $9275 $9276 to $37,650 $37,651 to $91,150 $6300 $4050 1. Use the following information to complete part (a) through (c) below. • Single, ● ● IRA $4700 mortgage interest $1300 property taxes ● No tax credits ● no dependents Gross income: $56,500 $2000 paid to a tax-deferred ● For people who are not self-employed, the 2016 FICA tax rates were as follows: 7.65% on the first $118,500 from wages and tips 1.45% on income in excess of $118,500 Taxpayers are not permitted to subtract adjustments, exemptions, or deductions when determining FICA taxes. a. Calculate their FICA taxes. 2016 Marginal Tax Rates, Standard Deductions, and Exemptions Tax Rate 10% b. Calculate their income tax. 15% 25% Round all answers to the nearest hundredths place, if necessary. Standard Deduction Exemptions (per person) Single Up to $9275 $9276 to $37,650 $37,651 to $91,150 $6300 $4050

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To calculate the FICA taxes and income tax for the individual based on the given information well fo... View the full answer