Determine the total annual FICA tax for an annual salary of $165,000. Use $106,800 for maximum taxable earnings.

2 answers:

7 0

The Federal Insurance Contributions Act (FICA) requires employers to withhold a certain percentage of an employee's income as tax. The categories are: 6.2% as social security tax 1.45% as Medicare tax 0.9% as Medicare surtax for employees earning more than $200,000 In this case, the percentage of tax applied will be 6.2 + 1.45 = 7.65% The FICA tax will be 165,000 * 0.0765 FICA tax = $12,622.50

Veseljchak [2.6K]2 years ago

6 0

Determine the total annual FICA tax for an annual salary of $165,000. Use $106,800 for maximum taxable earnings.a.$901.41b.$9,014.10c.$1,262.25d.$12,622.50 its B

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