Jordan, who is paid monthly, is single and claims 0 deductions. He earns $100,000 per...
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Jordan, who is paid monthly, is single and claims 0 deductions. He earns $100,000 per year as a manager at a firm. Calculate the taxes withheld from his earnings. Remember, the rate for Social Security Tax is 6.2% of his income up to $97,500. The rate for Medicare is 1.45% (no income cap). See p. 10 for the Federal Income Tax Table." Note: Even though these are not the rates for 2011, they should remain in order to maintain consistency with the course material that is based upon 2007 rates. PLZ EXPLAIN THE FEDERAL INCOME TAX IN DETAIL OR HOW YOU GOT YOUR ANSWER SO I KNOW HOW TO DO IT
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