Question: Jim Push, a manager for Marvy Co . , has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim
Jim Push, a manager for Marvy Co has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim has earned $ and is therefore $ below the maximum level for Social Security. What will his net pay be if he earns $ this week? Jim is married filing jointly. Use the percentage method. Assume a FICA tax rate of The maximum amount of income subject to Social Security tax is $ State Income Tax is Use Table for calculations for Federal Tax.
Please show all of the steps that you used to calculate and the amounts for the following:
Social Security
Medicare
Federal Income Tax FIT
State Income Tax SIT
Net Pay
Please number your answers. Consult the rubric to see how you will be graded.
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