Homework Answers
Answer
(a) Social Security Tax
The Social Security tax rate in the United States is 6.2%.
Wages paid by jacob = 798*12=9,576 p.a
Social Security Tax =9,576 * 6.2% = $593.71
(b) Medicare Tax
The Medicare tax rate is 2.9%. Employers and employees split that cost with each paying 1.45%.
Medicare Tax = 9,576 * 1.45% =$ 138.85
(c)
FUTA is only collected on your household employee’s first $7,000 of wages. The FUTA tax rate is 6 percent, although many employers get a 5.4 percent credit against the FUTA tax if they pay their SUTA (State Unemployment Tax Act) tax in a timely manner.
Here we can assume jacob paid wages $9,576 for full year
FUTA tax = 7,000 * 6% =$420
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