80.2K

Verified Solution

Link Copied!

prew everyday LITE (MABZ007c) Homework: Chapter 4 Homework Score: 0 of 1 pt 13 of 15 (15 complete) X 4.E.47 For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax Assume that the individual is single and takes the standard deduction Tax Rate 1109 15% A man earned $28,000 from wages 65% Single up to 59325 up to $37.950 up to $91,900 up to $191 650 up to $416 700 up to $418 400 above $418 400 $6350 39.6% Standard deduction Let FICA tax rates be 7 65% on the first $127.200 of income from wages, and 1 45% on any income from wages in excess of $127.200 His FICA tax is (Round up to the nearest dollar) prew everyday LITE (MABZ007c) Homework: Chapter 4 Homework Score: 0 of 1 pt 13 of 15 (15 complete) X 4.E.47 For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax Assume that the individual is single and takes the standard deduction Tax Rate 1109 15% A man earned $28,000 from wages 65% Single up to 59325 up to $37.950 up to $91,900 up to $191 650 up to $416 700 up to $418 400 above $418 400 $6350 39.6% Standard deduction Let FICA tax rates be 7 65% on the first $127.200 of income from wages, and 1 45% on any income from wages in excess of $127.200 His FICA tax is (Round up to the nearest dollar)

Answer & Explanation Solved by verified expert

See Answer