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QUESTION
Jim Leary, the sales rep for Roy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum for Social Security. He earns
Jim Leary, the sales rep for Roy Co., has weekly earnings subject to deductions for Social Security, Medicare, and FIT. Before this payroll, Jim is $500 below the maximum for Social Security. He earns $920 for the week, claims two withholdings, and is married. The FICA rate is 6.2% on $110,100 for Social Security and 1.45% for Medicare
