Calculate Social Security taxes, Medicare taxes, and FIT for
Jordon Barrett. He earns a monthly salary of $13,200. He is single
and claims 1 deduction. Before this payroll, Barrett’s cumulative
earnings were $128,110. (Social Security maximum is 6.2% on
$128,400 and Medicare is 1.45%.) Calculate FIT by the percentage
method. (Use Table 9.1 and Table 9.2) (Round your answers
to 2 decimal places.)
Homework Answers
| Gross salary | 13200.00 | |
| Less: Withholding allowance | 345.80 | |
| Taxable pay | 12854.20 | |
| FIT | 2535.21 | =1174.12+(12854.20-7183)*24% |
| Social Security taxes | 17.98 | =(128400-128110)*6.2% |
| Medicare taxes | 191.40 | =13200*1.45% |
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