In 2005, Lee began working as a nurse anesthetist with a taxable income of $119,000. The Medicare tax was 1.45% and the Social Security tax

Question

In 2005, Lee began working as a nurse anesthetist with a taxable income of $119,000. The Medicare tax was 1.45% and the Social Security tax rate was 6.2% to the maximum income of $90,000 that year. How much did Lee pay in FICA taxes in 2005?

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MichaelMet 1 year 2021-09-01T21:45:25+00:00 1 Answers 0 views 0

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    2021-09-01T21:46:58+00:00

    Answer:

    $7,305.50

    Step-by-step explanation:

    The computation of the FICA tax pay in 2005 is shown below:

    Medicare = 1.45% × $119,000 = $1,722.50

    And, Social security tax = 6.2% × 90,000  = $5,580

    So, the FICA tax in 2005 is

    = Medicare tax + Social security tax

    = $1,722.50 + $5,580

    = $7,305.50

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