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)
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 $4,350 weekly. She is married, filing jointly and prior to this payroll check has total earnings of $140,500. 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 answers to the nearest cent. Deductions Social Security taxes $ 142.60 Medicare taxes FIT 63.08
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