Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $11,300. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $128,070. (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

1) social security taxes = (accumulated earnings - social security maximum) x 6.2% = ($139,370 - $128,070) x 6.2% = $700.60

2) medicare taxes = monthly earnings x 1.45% = $11,300 x 1.45% = $163.85

3) in order to calculate federal income taxes, I used the 2019 tables and allowance:

2019 allowance = $350 per person

monthly paycheck between $7,333 - $13,710

must withhold $1,198.46 plus 24% in excess of $7,333

federal income taxes under percentage method = $11,300 - $350 (1 monthly allowance 2019) = $10,950

$1,198.46 + [($10,950 - $7,333) x 24%] = $1,198.46 + $868.08 = $2,066.54

For 2020, there are no more personal allowances.

fractionally backed paper money

fiat money

paper money

metallic money

answer; windows embedded;