Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $139,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates Self-Employed Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid 15.3% on first $118,500 of net in wages income profits 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are $. (Type an integer or a decimal. Round to the nearest cent as needed.)
Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $139,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates Self-Employed Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid 15.3% on first $118,500 of net in wages income profits 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are $. (Type an integer or a decimal. Round to the nearest cent as needed.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Hi if I can get some help with fica taxes thanks
Transcribed Image Text:Homework: Homework 8.2
Score: 0 of 1 pt
4 of 10 (5 complete)
8.2.19
Use the 2016 FICA tax rates, shown below, to answer the following question.
If a taxpayer is not self-employed and earns $139,000, what are the taxpayer's FICA taxes?
Matching Rates Paid by
the Employer
Employee's Rates
Self-Employed Rates
7.65% on first $118,500 of 7.65% on first $118,500 paid
in wages
15.3% on first $118,500 of net
profits
income
1.45% of wages paid in
excess of $118,500
1.45% of income in excess
2.9% of net profits in excess
of $118,500
of $118,500
FICA taxes are $
(Type an integer or a decimal. Round to the nearest cent as needed.)
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