Use the 2021 FICA tax rates, shown, to answer the following question.If a taxpayer is not self-employed and earns $149,000, what are the taxpayer's FICA taxes?Employee's RatesMatching Rates Paid bythe EmployerSelf-Employed Rates7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of netincomein wages1.45% of income in excess 1.45% of wages paid inof $142,800excess of $142,800profits2.9% of net profits in excessof $142,800+The taxpayer's FICA taxes are $(Round to the nearest cent as needed.)

Income tax:The income tax refers to the amount that is paid by the taxpayer to the tax authority of…

Answered: The taxpayer's FICA taxes are $ ☐ .…

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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The taxpayer's FICA taxes are $ ☐ . (Round to the nearest cent as neede