Employee's Rates Matching Rates Paid by the EmployerSelf-Employed Rates • 7.65% on first $118,500 of income • 1.45% on income above $118,500 • 7.65% on first $118,500 paid in wages • 1.45% on wages above $118,500 • 13.3% on first $118,500 of net earnings • 2.9% on earnings above $118,500 ¹FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Malcolm has $87,800 of income from work and is self-employed. How much will Malcolm have to pay in FICA taxes?

Employee's Rates Matching Rates Paid by the EmployerSelf-Employed Rates • 7.65% on first $118,500 of income • 1.45% on income above $118,500 • 7.65% on first $118,500 paid in wages • 1.45% on wages above $118,500 • 13.3% on first $118,500 of net earnings • 2.9% on earnings above $118,500 ¹FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Malcolm has $87,800 of income from work and is self-employed. How much will Malcolm have to pay in FICA taxes?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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