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Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $11,200. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $111,800. (Social Security maximum is 6.2% on $118,500 and Medicare is 1.45%). Calculate FIT by the percentage method. (Round your answer to 2 decimal places.) Calculate Social Security taxes, Medicare taxes and FIT for Jordon Barrett. He earns a monthly salary of $11,200. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $111,800. (Social Security maximum is 6.2% on $118,500 and Medicare is 1.45%). Calculate FIT by the percentage method. (Round your answer to 2 decimal places.) What is the FIT? Social Security Taxes? Medicare Taxes?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92304000

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