Question

Redford's salary was $123,000 in 2019. What would his total combined FICA tax (OASDI & Medicare) withheld from his salary be for the year?

Answer 1

Answer:

$9,409.50

Explanation:

Calculation for the total combined FICA tax (OASDI & Medicare) withheld from Redford's salary for the year

For the year 2019 the total FICA tax rate is 7.65%

Which are :

OASDI tax = 6.2%

+ Medicare tax =1.45%

Now let calculated the amount of OASDI tax for Redford's salary

Using this formula

OASDI tax =Salary ×OASDI tax rate

Let plug in the formula

OASDI tax =$123,000×6.2%

OASDI tax =$7,626

Let let calculated the amount of the Medicare tax for Redford's salary

Using this formula

Medicare tax =Salary ×Medicare tax rate

Let plug in the formula

Medicare tax=$123,000*1.45%

Medicare tax=$1,783.50

Total combined FICA tax

OASDI tax =$7,626

Medicare tax=$1,783.50

Total=$9,409.50

Therefore what the total combined FICA tax (OASDI & Medicare) withheld from his salary will be for the year is $9,409.50