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

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

Darren is an employee of ABC Inc. Darrens annual compensation is $120,000. Darrens filing status is married filing jointly. His federal income tax withholding was $14,000. Answer the following questions:

1. What is the total business deduction for ABC Inc?

2. What is the total amount of taxes paid on behalf of Darren to the federal government for income taxes and payroll taxes?

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

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

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