-Ann Preston is married, has a gross weekly salary of $543.74 (all of which is taxable) , and the number of withholding allowances she claims is 1. Use the tax tables to find the federal tax withholding to be deducted from her weekly salary.
Definitions:
Medicare Tax
A federal tax deducted from employees' paychecks to fund the Medicare program, which provides healthcare to seniors.
Federal Withholding
The amount of an employee's pay withheld by the employer and sent directly to the government as partial payment of taxes.
Taxable Income
The amount of an individual's or a corporation's income used to determine how much tax is owed to the government.
Married Filing Jointly
A tax filing status for married couples who choose to combine their income and deductions on a single tax return.
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