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27-05-2023
Business

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Calculate Social Security taxes, Medicare taxes, and FIT for Joy Royce. Joy's company pays
her a monthly salary of $9,500. She is single and claims 1 deduction. Before this payroll,
Joy's cumulative earnings were $115,000. (Social Security maximum is 6.2% on $118,500,
and Medicare is 1.45%.) Calculate FIT by the percentage method.

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