Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusion
Consider gross earnings of $86,000. The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%. How much is the taxable income (for federal income tax)? Give typing answer with explanation and conclusion
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 15DQ
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Consider gross earnings of $86,000.
The standard deduction is $12,000 and itemized deduction is $8,000. Social security tax rate is 6.2%; Medicare tax rate is 1.45%.
How much is the taxable income (for federal income tax)?
Give typing answer with explanation and conclusion
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