Larren Buffett is concerned after receiving her weekly paycheck. She believes that her deductions for Social Security, Medicare, andFederal Income Tax withholding (FIT) may be incorrect. Larren is paid a salary of $4,330 weekly. She is married, filing jointly and priorto this payroll check has total earnings of $140,460. What are the correct deductions for Social Security, Medicare, and FIT? Assume arate of 6.2% on $142,800 for Social Security and 1.45% for Medicare. (Use Table 9.1).Note: Round your answers to the nearest cent.Social Security taxesMedicare taxesFITDeductions At least But lessthan-BAAt least But lessthan-11CMarried Filing Jointly50$483$0.00$483$865$0.00$2,041 $38.20$865$2,041 $3,805 $ 179.32$3,805 $6,826$567.40$6,826 $8,538 $129244$8.538 $12.565$12,565$1840.28$3.249.73A50$965$1,331$4,083Thetentativeamount towithhold is:-$7610$13/02Plus thispercentageDCMarried Filing Jointly$0.005000$965$1,331$4083$76.60$7610 535884$13,652 $1.334.78$17.075 $2.58486SELARARA0%10%12%22%24%32%Thetentative Ples thisamount to percentagewithhold ist35%37%Dof theamountthat theAdjustedWageexceeds-Edalof theamountBСDSingle or Married Filing Separately$0$0 $241$483$241$0.00$433$0.00$ 865 $433 $1,021 $19.20$2,041 $1,021 $1,902 $89.76$3,805 $1,902 $3413 $283.5856826 $3,413 $4269 $646.22$10,311$920.14$3,034.84TABLE 2-BIWEEKLY Payroll Period$8538 $4,269$ 12.565 $ 10.311that theAdjustedWageexceedsEAt least But lessthan-ATABLE 1-WEEKLY Payroll PeriodBlaAt least But lessthan-AThetentative Plus thisamount to percentagewithhold is:0%50505483$965 5483 $865$1,731 $865 $2,04154083 $2,041 $3,805$7610 $3,305 56826324 $13,652 $6826$8.53810%12%22%24%RE11CDSingle or Married Filing Separately500050005.38.20$179.32$567,40$1.29244of theamountthat theAdjustedWageexceeds-EAt least But lessthan-B500%$010% $241 $36212% $433 $635 $1,40422% $1,021 $1,404 $2,02224%$1902 $2,022 $3,53332% $3,413 $3533 $4,38835% $4,269 $4,388 $ 10,43137% $ 10,311 $ 10,431of theamountthat thePlus thisThetentativeAdjustedamount to percentage Wagewithhold is:exceeds 1-A0%10%12%22%24%32%AThetentativeamount towithhold is: -CHead of HouseholdAt least But lessthan-B$0 50$483 $723$865 $1,269$2,041 $2.808$3,805 54044$6,326 $7,065$362$635$0.00$0.00$27.30$119.58$255.54$618.18$891.78$3,006 83Thetentativeamount towithhold isCHead of Household50.00$0.00$723$1,260$2,808 $54.60$4044$239.28$7,065 $511.20$8,777 $1,236.24Plus thispercentageDDof theamountthat theAdjustedWageexceedsof theamountthat theAdjustedPlus thisWagepercentage Jexceeds0%$010%$362$635$1,404$2,02212%22%24%32% $3,53335% $4,38837% $10,4310%10%12%22%24%329EK505723$1,269$2.808$4,044$7,065

Medicare tax refers to the percentile tax rate which is levied on the salary or wages of employees…

concerned after receiving her weekly paycheck. She believ Tax withholding (FIT) may be incorrect. Larren is paid a salar neck has total earnings of $140,460. What are the correct dem $142,800 for Social Security and 1.45% for Medicare. (Use Ta our answers to the nearest cent. axes Deductions

concerned after receiving her weekly paycheck. She believ Tax withholding (FIT) may be incorrect. Larren is paid a salar neck has total earnings of $140,460. What are the correct dem $142,800 for Social Security and 1.45% for Medicare. (Use Ta our answers to the nearest cent. axes Deductions

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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