Use the 2021 FICA tax rates, shown, to answer the following question.If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes?Employee's RatesMatching Rates Paid bythe EmployerSelf-Employed Rates7.65% on first $142,800 of 7.65% on first $142,800 paid 15.3% on first $142,800 of netincomeprofitsin wages1.45% of income in excessof $142,8001.45% of wages paid inexcess of $142,8002.9% of net profits in excessof $142,800The taxpayer's FICA taxes are $(Round to the nearest cent as needed.)

The Federal Insurance Contributions Act (FICA) tax is a United States federal payroll tax imposed on…

Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer 7.65% on first $142,800 of 7.65% on first $142,800 paid income in wages 1.45% of income in excess of $142,800 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 taxpayer's FICA taxes are $ ☐ . (Round to the nearest cent as needed.)

Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $128,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer 7.65% on first $142,800 of 7.65% on first $142,800 paid income in wages 1.45% of income in excess of $142,800 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 taxpayer's FICA taxes are $ ☐ . (Round to the nearest cent as needed.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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