Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650. Each period he makes a 401(k) contribution of 12% of gross pay and contributes $130 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $96,300. Medicare Tax: ______ Incorrect answer: 52.93
Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650. Each period he makes a 401(k) contribution of 12% of gross pay and contributes $130 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $96,300. Medicare Tax: ______ Incorrect answer: 52.93
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 5CE
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Question
Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,650. Each period he makes a 401(k) contribution of 12% of gross pay and contributes $130 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $96,300.
Medicare Tax: ______
Incorrect answer: 52.93
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