Question: This problem is make sure you understand Social Security, Medicare, and Additional Medicare Contribution Taxes. Don't use commas, periods, or dollar signs. For example,

This problem is make sure you understand Social Security, Medicare, and Additional

This problem is make sure you understand Social Security, Medicare, and Additional Medicare Contribution Taxes. Don't use commas, periods, or dollar signs. For example, put 4000 not $4,000.00. Jake is an employee of XYZ Inc. Jake's annual compensation is $208,000. Jake's filing status is Married Filing Jointly. His federal income tax withholding was $53,000. Answer the following questions: 1. What is the total business deduction for XYZ Inc? 2. What is the total amount of taxes paid on behalf of Jake to the federal government for income taxes and payroll taxes? 3. What is the total amount of taxes withheld from Jake's paychecks for the year? 4. What is Jake's net pay for the year?

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