If an employee earned $120,000 through November and earned $13,000 in December, how much social security...
If an employee earned $120,000 through November and earned $13,000 in December, how much social security tax would they have to pay on the $13,000 if the 6.20% FICA rate is on a maximum yearly earnings of $128,400 and the 1.45% is the medicare rate?
Homework Answers
Social security tax base = $128,400
Salary earned upto November = $120,000
Hence, in December, social security tax will be paid on = 128,400 - 120,000
= $8,400
Social security tax rate = 6.20%
Social security tax = Salary subject to Social security tax in December x Social security tax rate
= 8,400 x 6.20%
= $520.8
Medicare tax rate = 1.45%
Medicare tax is payable on all salaries earned. There is no maximum salary limit on which medicare tax is payable.
Medicare tax = December salary x Medicare tax rate
= 13,000 x 1.45%
= $188.5
Total FICA taxes payable = Social security tax + Medicare tax
= $520.8 + $188.5
= $709.3
Please ask if you have any query related to the question. Thank you
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a)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$1,400.00
6.20%
$86.80
FICA—Medicare
1,400.00
1.45%
20.30
FUTA
900.00
3.10%
27.90
SUTA
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2.90%
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b)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
$3,700.00
6.20%
$229.40
FICA—Medicare
3,700.00
1.45%
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FUTA
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SUTA
2.90%
c)
Tax
September Earnings Subject to Tax
Tax Rate
Tax Amount
FICA—Social Security
6.20%
FICA—Medicare
9,600
1.45%
139.20
FUTA
3.10%
SUTA
2.90%
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Tax
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