An employee whose tax return filing status is married filing jointly, whose taxable earnings for FICA taxes prior to the current period were $200,200, and whose taxable earnings subject to FICA taxes are $3,800 for the current period will have $______ in total (regular and additional) Medicare tax withheld by their employer.
An employee whose tax return filing status is married filing jointly, whose taxable earnings for FICA taxes prior to the current period were $200,200, and whose taxable earnings subject to FICA taxes are $3,800 for the current period will have $______ in total (regular and additional) Medicare tax withheld by their employer.
Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions
Section: Chapter Questions
Problem 5BCRQ
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Question
An employee whose tax return filing status is married filing jointly, whose taxable earnings for FICA taxes prior to the current period were $200,200, and whose taxable earnings subject to FICA taxes are $3,800 for the current period will have $______ in total (regular and additional) Medicare tax withheld by their employer.
Expert Solution
Step 1
Regular Medicare tax = 1.45% of taxable earnings subject to FICA taxes
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT