Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary of $13,400. He is single and claims 1 deduction. Before this payroll, Barrett’s cumulative earnings were $128,120. (Social Security maximum is 6.2% on $128,400 and Medicare is 1.45%.) Calculate FIT by the percentage method.

Step-by-step explanation:

From the given information:

Social security taxes can be calculated as:

$128,400 - $128,120

= $280

Also, we know that the current monthly salary = $13, 400

So, social security tax is withheld by $280

This implies that:

Social security taxes = 280 × 0.062

= $17.36

The medical care taxes will now be:

= $13,400 × 1.45%

= $194.30

Using the percentage method to calculate the federal income tax; we have:

Use the tax bracket from 2017, marginal tax rate = 28%

∴

federal income tax = $13400 × 0.028

federal income tax = $3752

the answer is:

the answer is:

to solve the problem, we need to remember the quotient of power property, it's defined by the following relation:

if we have a quotienf of powers that have the same base, we need to keep the same base and subtract the exponent of the denominator power to the exponent of the numerator power.

so, we are given the expression:

then, calculating we have:

hence, the answer is:

have a nice day!