Question
Tom Hanson, single, has cumulative earnings before this biweekly pay period of
FICA (Social Security and Medicare)? The FICA Social Security tax rate is
as needed, X.XX.)
View the biveekly payroll period percentage method withholding chart.
Tom Hanson’s deduction for FIT =
Tom Hanson’s deduction for FICA (Social Security)
FICA (Social Security and Medicare)? The FICA Social Security tax rate is
as needed, X.XX.)
View the biveekly payroll period percentage method withholding chart.
Tom Hanson’s deduction for FIT =
Tom Hanson’s deduction for FICA (Social Security)
Ask by Schmidt Brewer. in the United States
Mar 21,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Tom Hanson’s deductions are:
- FICA (Social Security and Medicare): $147.65
- FIT (Federal Income Tax): Refer to the biweekly payroll period percentage method withholding chart for the exact amount based on his earnings of $1,930.
Solution
To calculate Tom Hanson’s deductions for FIT and FICA, we will follow these steps:
-
Calculate FICA (Social Security and Medicare) deductions:
- Social Security Tax: This is 6.2% on earnings up to $142,800.
- Medicare Tax: This is 1.45% on all earnings.
-
Calculate FIT (Federal Income Tax) deduction:
- We will need to refer to the biweekly payroll period percentage method withholding chart to determine the FIT deduction based on his earnings.
Step 1: Calculate FICA Deductions
Social Security Tax Calculation:
- Tom’s cumulative earnings before this pay period:
- Earnings for this period:
- Total earnings after this period:
Since
Medicare Tax Calculation:
Step 2: Calculate FIT Deduction
To calculate the FIT deduction, we will need to refer to the biweekly payroll period percentage method withholding chart. However, since I don’t have access to that chart, I will provide the calculations for FICA first.
Let’s calculate the FICA deductions.
Calculate the value by following steps:
Calculate the value by following steps:
- step0: Calculate:
- step1: Multiply the numbers:
Calculate or simplify the expression.
Calculate the value by following steps: - step0: Calculate:
- step1: Multiply the numbers:
FICA Deductions
-
Social Security Tax:
-
Medicare Tax:
Total FICA Deductions
Now, let’s sum the Social Security and Medicare taxes to find the total FICA deduction:
Next, I will calculate the total FICA deduction.
Calculate the value by following steps:
Calculate the value by following steps:
- step0: Calculate:
- step1: Add the numbers:
Total FICA Deductions
Summary of Deductions
- Tom Hanson’s deduction for FICA (Social Security and Medicare):
FIT Deduction
To calculate Tom’s FIT deduction, we would need to refer to the biweekly payroll period percentage method withholding chart. Since I don’t have access to that chart, you will need to look it up based on his earnings of
If you provide the FIT percentage from the chart, I can help you calculate that deduction as well.
Answered by UpStudy AI and reviewed by a Professional Tutor
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Explain 
Simplify this solution Mind Expander
To calculate Tom Hanson’s deductions for FIT and FICA, we start with the FICA deductions.
-
FICA (Social Security and Medicare):
-
For Social Security, Tom’s earnings are
. Since this amount is less than , the entire is subject to the 6.2% rate. -
Social Security deduction:
. -
For Medicare, there’s no cap on earnings, so the entire
is subject to the 1.45% rate. -
Medicare deduction:
.
Thus, Tom Hanson’s total FICA deductions would be:
. -
-
FIT Calculation:
To find withholding for FIT, we look at IRS tables for the biweekly period based on his earnings. Since Tom’s cumulative earnings exceed high thresholds, typically, he would fall into the higher tax brackets. Suppose we use a simplified assumption for illustrative purposes, estimating his FIT deduction could be around 22% (a common rate for single filers at higher income levels), then the estimate would be as follows:
.
So, the deductions you would report:
- Tom Hanson’s deduction for FIT = approximately
. - Tom Hanson’s deduction for FICA (Social Security) =
.
