Question 1176664: Use the 2016 FICA tax rates, shown below, to answer the following question.
If a taxpayer is not self-employed and earns , what are the taxpayer's FICA taxes?
Employee's Rates:
7.65% on first $118,500 of income
1.45% of income in excess of $118,500
Matching Rates Paid by the Employer:
7.65% on first $118,500 paid in wages
1.45% of wages paid in excess of $118,500
Self-Employed Rates:
15.3% on first $118,500 of net profits
2.9% of net profits in excess of $118,500
FICA taxes are $__.
(Type an integer or a decimal. Round to the nearest cent as needed.)
Answer by ikleyn(52781)   (Show Source):
You can put this solution on YOUR website! .
At this forum, we help students in their studies of Math.
At this forum, we do not consult in Finance.
For such problems, find another, more appropriate web-site.
Have a nice day (!)
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