Subject: KUse the 2021 FICA tax rates, shown, to answer the following question.If a taxpayer is self-employedand earns $156,000, what are the taxpayer's FICA taxes?Matching Rates Paid bythe EmployerEmployee's Rates7.65% on first $142,800 of 7.65% on first $142,800 paidincomein wages1.45% of income in excessof $142,8001.45% of wages paid inexcess of $142,800The FICA taxes are $(Round to the nearest cent as needed.)Self-Employed Rates15.3% on first $142,800 of netprofits2.9% of net profits in excessof $142,800

Taxes on earnings are calculated as shown below.

Answered: Use the 2021 FICA tax If a taxpayer is…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...

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Subject:
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 Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $142,800 excess of $142,800 profits 2.9% of net profits in excess of $142,800 + The taxpayer's FICA taxes are $ (Round to the nearest cent as needed.)
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Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is self-employed and earns $156,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $142,800 of income 1.45% of income in excess of $142,800 Matching Rates Paid by the Employer 7.65% on first $142,800 paid in wages 1.45% of wages paid in excess of $142,800 Self-Employed Rates 15.3% on first $142,800 of net profits 2.9% of net profits, in excess of $142,800 The FICA taxes are $ (Round to the nearest cent as needed.)

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Use the 2021 FICA tax If a taxpayer is self-em Employee's Rates 7.65% on first $142,80 income 1.45% of income in ex of $142,800