Compute the fica tax federal income tax total taxes and


Assume that Parker is a graphics designer earning $82,200 in wages and $1,625 in savings interest. He made contributions of $2,750 to a tax-deferred retirement account. He qualifies for the standard deduction and personal exemption as a single tax payer. Using the 2013 Marginal Tax Rate table from your textbook, compute the FICA tax, federal income tax, total taxes, and overall tax rate for Parker (compare to his gross income). FICA tax = $__________(Round to the nearest dollar and do not use commas.) Federal income tax = $__________(Round to the nearest dollar and do not use commas.) Total taxes = $__________(Round to the nearest dollar and do not use commas.) Overall tax rate = __________%(Give your answer as a percent rounded to the nearest hundredth.)

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Financial Management: Compute the fica tax federal income tax total taxes and
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