Question: This problem is make sure you understand Social Security, Medicare, and Additional Medicare Contribution Taxes. Alice is an employee of XYZ Inc. Alices annual compensation

This problem is make sure you understand Social Security, Medicare, and Additional Medicare Contribution Taxes. Alice is an employee of XYZ Inc. Alices annual compensation is $295,000. Alices filing status is married filing jointly. Her federal income tax withholding was $60,000. 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 Alice to the federal government for income taxes and payroll taxes?

3. What is the total amount of taxes withheld from Alice's paychecks for the year?

4. What is Alice's net pay for the year?

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