Let FICA tax rates be 7.65% on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. Her FICA t

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Let FICA tax rates be 7.65% on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. Her FICA tax is?

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Khải Quang 5 years 2021-07-28T04:25:12+00:00 1 Answers 48 views 0

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  1. thnahdat
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    2021-07-28T04:27:05+00:00
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    Answer:

    The tax is split between employers and employees. They both pay 7.65% (6.2% for Social Security and 1.45% for Medicare) of their income to FICA, the combined contribution totaling 15.3%. The maximum taxable earnings for employees as of 2020 is $137,700.

    Correct me if you want If its wrong

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