SOLUTION: Use the 2016 FICA tax​ rates, shown​ below, to answer the following question. If a taxpayer is not​ self-employed and earns $133,000​, what are the​ taxpayer's FICA​

Algebra ->  Finance -> SOLUTION: Use the 2016 FICA tax​ rates, shown​ below, to answer the following question. If a taxpayer is not​ self-employed and earns $133,000​, what are the​ taxpayer's FICA​      Log On


   

Question 1176302: Use the 2016 FICA tax​ rates, shown​ below, to answer the following question.
If a taxpayer is not​ self-employed and earns $133,000​, 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 ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi

If a taxpayer is not​ self-employed and earns $133,000​, what are the​ taxpayer's FICA​ taxes?
 $133,000 = $118,500 + $14,500
Employee's Rates:
7.65% on first $118,500 of income     = $9066.25
1.45% of income in excess of $118,500 =  $210.25
                                        $9276.50
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