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Calculate Social Security taxes, Medicare taxes, and FIT for Jordon Barrett. He earns a monthly salary...

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. (Use Table 9.1 and Table 9.2) (Round your answers to 2 decimal places.)

FIT -

Social Security Taxes -

Medicare Taxes -

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Answer #1
Social security taxes =
($128,400 - $128,120) = $280
Current month salary $13,400
280 being less so the social security tax will be held for $280
So social security taxes = $280 * 6.2% = $ 17.36
2. Medicare taxes = $13,400 * 1.45% = $194.30
3. Fedral income tax withheld
Federal Income Tax (FIT) = As per following tax bracket of 2017(as provided below), the marginal tax rate is 28%, so the FIT is = $13400 * 28% = $3779.72
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