Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $132,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages 1.45% of wages paid in excess of $118,500 Self-Employed Rates 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500
Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $132,000, what are the taxpayer's FICA taxes? Employee's Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages 1.45% of wages paid in excess of $118,500 Self-Employed Rates 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter9: Individuals As Taxpayers
Section: Chapter Questions
Problem 4CE
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