Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,300. He is single. Before this payroll, Barrett's cumulative earnings were $142,115. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1) Note: Round your answers to 2 decimal places. FIT Social Security taxes Medicare taxes 4033.97

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,300. He is single. Before
this payroll, Barrett's cumulative earnings were $142,115. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.)
Calculate FIT by the percentage method. (Use Table 9.1)
Note: Round your answers to 2 decimal places.
FIT
Social Security taxes
Medicare taxes
4033.97
Transcribed Image Text:(Algo Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,300. He is single. Before this payroll, Barrett's cumulative earnings were $142,115. (Social Security maximum is 6.2% on $142,800 and Medicare is 1.45%.) Calculate FIT by the percentage method. (Use Table 9.1) Note: Round your answers to 2 decimal places. FIT Social Security taxes Medicare taxes 4033.97
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