Sonny Siebert earned $485,000 a year as a rookie pitcher for the Cleveland Indians. Assuming a tax rate of 6.2% for Social Secur ity up to $118,500 and Medicare tax of 1.45%, how much did Sonny pay in FICA taxes as a rookie pitcher?
2 answers:
Answer:
14379.50
Step-by-step explanation:
If I remember correctly, the Medicare tax is taken on Gross Income. The question has already limited the base amount for Social Security.
<em><u>Social Security:</u></em> 118,500 * 6.2/100 = 7347
Medicare Tax: 485,000*1.45/100 = <u>7032.50</u> Add
Add 14379.50
Sonny paid 14370 in taxes for these 2 items.
Answer:
$14,379.50
Step-by-step explanation:
Given that:
Sonny Siebert Income: $485,000 Social Security tax rate: 6.2% up to $118,500 Medicare tax of 1.45% As we know that, the Federal Insurance Contributions Act (FICA) is made up of two items, Social Security and Medicare taxes.
So
Social Security tax: $118,500*6.2% = $7347
Medicare tax: $485,000*1.45% = $732.5
=> the amount of FICA taxes as a rookie pitcher she needs to pay is:
= $7347 + $732.5
= $14,379.50
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