ignmentMain.do?invoker- assignments&takeAssignmentSessionLocator-assignment-t; e

Question

ignmentMain.do?invoker- assignments&takeAssignmentSessionLocator-assignment-t; eBook Calculator Print Item Exercise 12-20 (LO. 5) In 2017, Bianca earned a salary of $164,000 from her employer, CallMart. Therefore, FICA taxes withhold from Bianca's salary is 10,264.4x and the Medicare portion withhold is 2,378 The tax law contains elaborate rules that require the prepayment of various Federal taxes. Consistent with the pay-as-you-go approach to the collection of taxes, these rules carry penalties for lack of compliance. Prepayment procedures fall into two major categories: those applicable to employers and those applicable to self-employed persons

Explanation / Answer

FICA taxes = 127200*6.2%= 7886 .4 or 7886 Medicare tax = 164000*1.45%= 2378

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.