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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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am. 54.
Transcribed Image Text: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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