john earns $150,000 through his job as an accountant in 2019. What is his FICA tax...
john earns $150,000 through his job as an accountant in 2019. What is his FICA tax as an employee?
Homework Answers
Answer :- $10,414.80
| - FICA TAX is a combination of Social Security tax and Medicare tax |
| - Income upto $132,900 will be subject to social security tax |
| Social Security tax rate = 6.2% |
| Medicare tax = 1.45% |
| Social Security Tax $132,900 * 6.2% = $8,239.80 |
| Medicare Tax $150,000 * 1.45% = $2,175 |
| Total FICA ( 8,239.80+2,175) = 10,414.80 |
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