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
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
icon
Related questions
Question
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.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,