Question: The book, Practical Business Math Procedures, 12th Ed. 1.) I don't know how to Calculate FIT (Federal Income Tax) Please help. Thank you very much

The book, "Practical Business Math Procedures, 12th Ed."

The book, "Practical Business Math Procedures, 12th Ed." 1.) I don't know

1.) I don't know how to Calculate FIT (Federal Income Tax) Please help. Thank you very much :).

Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $12,000. He is single and claims 1 deduction. Before this payroll, Barretts cumulative earnings were $110,500. (Social Security maximum is 6.2% on $118,500 and Medicare is 1.45%). Calculate FIT by the percentage method. (Do not round intermediate calculations. Round your answer to the nearest cent.)


FIT ????
Social Security taxes $496
Medicare taxes $174

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