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The Percentage Method. As an employer and employee, you must know how federal taxes are calculated on your paycheck and the different items you are taxed on$.$ Hence, you know what you paid in taxes, social security, Medicare, etc. The percentage method uses standardized charts that are annually updated to assist you and figuring out your federal taxes. You are using the Percentage Method and the tables above for calculating Federal Taxes; figure out how the following two changes in Michael Smith's family situation will affect his taxes. Solve the following problems using $6\mathrm{.}2\%$ up to $$117,000$ for social security withholding and $1\mathrm{.}45\%$ for Medicare. $($You may also use the tables in your textbook$)$ Sienna, Owner, and CEO of Sienna$$s Health and Fitness LLC$.$ have gross earnings of $$17,300$ per month. What are her Social Security and Medicare withholdings for Michaels's January paycheck? Answer:$\_\_\_\_\_\_\_\_\_\_\_$ In what month will her salary reach the social security wage base limit$?$ Answer:$\_\_\_\_\_\_\_\_\_\_\_$ C$.$ What is the social security and Medicare tax withholdings for Sienna in the month named in B$?$ Answer:$\_\_\_\_\_\_\_\_\_\_\_6.$ Using the percentage method and the charts above, Michael's Tax withholding back when he was single; he claimed only one withholding allowance and earned $$2,450$ per month. What is the amount of Michaels's paycheck after his employer withholds social security, Medicare, and income tax? Answer:$\_\_\_\_\_\_\_\_\_\_\_$ If Michael gets married and changes his withholding to two allowances, what will be the new amount of his paycheck? Answer:$\_\_\_\_\_\_\_\_\_\_\_$

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