Shannon made $120,000 in 2018. How much did she pay in FICA taxes? Neil made $165,000 in 2018. Ho...

Question

Question

Shannon made $120,000 in 2018. How much did she pay in FICA taxes?

Neil made $165,000 in 2018. How much did he pay in FICA taxes?

Answer 1

Answer #1

Cifa rate consists of social security portion and medicare portion.

Social secirity portion shall be 6.5% upto wage base of 128700

For medicare portion is 1.45% without any limit.

Hence for shannon cifa rate shall be

(120000*6.5% )+(120000*1.45% )

=9540.

For niel it is

(128700*6.5% )+(165000*1.45% )

=10758.

Answer 2

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