Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $151,000, 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 The FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)

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HOMEWOIR. 8.2 IIC
Tax
points
O Points: 0 of
Use the 2016 FICA tax rates, shown below, to answer the following question.
If a taxpayer is self-employed and earns $151,000, 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
Self-Employed Rates
15.3% on first $118,500 of net
profits
income
in wages
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
The FICA taxes are $
(Type an integer or a decimal. Round to the nearest cent as needed.)
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Transcribed Image Text:HOMEWOIR. 8.2 IIC Tax points O Points: 0 of Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is self-employed and earns $151,000, 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 Self-Employed Rates 15.3% on first $118,500 of net profits income in wages 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 The FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.) Help me solve this View an example Get more help - Clear all
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