Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Note: Round your intermediate and final answer to the nearest whole dollar amount.

Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Note: Round your intermediate and final answer to the nearest whole dollar amount.

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 29MCQ: During 2019, Carl (a single taxpayer) has a salary of $91,500 and interest income of $11,000....

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Question

am. 54.

Rasheed works for Company A, earning $394,000 in salary during 2022.
Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year?
Note: Round your intermediate and final answer to the nearest whole dollar amount.
Amount of FICA tax
Social Security
147,000. 6.2% = 9, 114
394,000 1.45% = 5, 713 medicare
194,000 0.09% = 17, 460 additional medicare
X32,287
e

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