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Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $129,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid 15.3% on first $118,500 of net Self-Employed Rates income in wages profits 1.45% of income in excess 1.45% of wages paid in of $118,500 2.9% of net profits in excess of $118,500 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 $129,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid 15.3% on first $118,500 of net Self-Employed Rates income in wages profits 1.45% of income in excess 1.45% of wages paid in of $118,500 2.9% of net profits in excess of $118,500 excess of $118,500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $129,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $118,500 of Matching Rates Paid by the Employer 7.65% on first $118,500 paid 15.3% on first $118,500 of net Self-Employed Rates income in wages profits 2.9% of net profits in excess of $118,500 1.45% of income in excess 1.45% of wages paid in excess of $118,500 of $118,500 FICA taxes are $. (Type an integer or a decimal. Round to the nearest cent as needed.)
Transcribed Image Text:Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $129,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $118,500 of Matching Rates Paid by the Employer 7.65% on first $118,500 paid 15.3% on first $118,500 of net Self-Employed Rates income in wages profits 2.9% of net profits in excess of $118,500 1.45% of income in excess 1.45% of wages paid 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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