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Jordan, who is paid monthly, is single and claims 0 deductions. He earns $100,000 per year as a manager at a firm. Calculate the taxes withheld from his earnings. Remember, the rate for Social Security Tax is 6.2% of his income up to $97,500. The rate for Medicare is 1.45% (no income cap). See p. 10 for the Federal Income Tax Table." Note: Even though these are not the rates for 2011, they should remain in order to maintain consistency with the course material that is based upon 2007 rates.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9982439

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