During 2018 E earned $90,000 of wages from employer X and $50,000 of wages from employer...
During 2018 E earned $90,000 of wages from employer X and $50,000 of wages from employer Y. Both employers withheld and paid the appropriate amount of FICA taxes on E's wages.
A.) What is the amount of excess taxes paid by E for 2018?
Homework Answers
For the Social Security component of FICA 2018, the limit is $128,400 for deduction of FICA taxes. The employer will collect and withheld 6.2% of the first $128,400 of the work earnings. Then the worked out maximum amount of $7,960.80 for the year 2018.
Total FICA taxes withheld and paid by Employer of E = (90000 + 50000) * 6.2% = $8680
Less: Maximum amount of FICA deduction limit of $128400 @ 6.2% = $7960.80
Excess taxes paid by E for 2018 = $719.20
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