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 Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 paid 15.3% on first $142,800 of net in wages profits 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 2.9% of net profits, in excess of $142,800 The 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 self-employed and earns $156,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $142,800 of income Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $142,800 paid 15.3% on first $142,800 of net in wages profits 1.45% of income in excess of $142,800 1.45% of wages paid in excess of $142,800 2.9% of net profits, in excess of $142,800 The 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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