to help pay for college, you worked part - time at a local restaurant, earning $22,000 in wages and tips…

to help pay for college, you worked part - time at a local restaurant, earning $22,000 in wages and tips. use the following information to complete parts (a) through (c). employees rates matching rates paid by employer 7.65% on first $142,800 of income 7.65% on first $142,800 paid in wages 1.45% of income in excess 1.45% of wages paid in excess of $142,800 of $142,800 click the icon to view the 2021 marginal tax rates. a. calculate your fica taxes. the fica taxes are $ (round to the nearest cent as needed.) 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $9,950 $9,951 to $40,525 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $523,600 more than $523,600 single unmarried, divorced, or legally separated $12,550 standard deduction 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $9,950 $9,951 to $40,525 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $314,150 more than $314,150 married filing separately partner and each separate files a tax return $12,550 standard deduction 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $19,900 $19,901 to $81,050 $81,051 to $172,750 $172,751 to $329,850 $329,851 to $418,850 $418,851 to $628,300 more than $628,300 married and both partners file a single tax return married filing jointly $25,100 standard deduction 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $14,200 $14,201 to $54,200 $54,201 to $86,350 $86,351 to $164,900 $164,901 to $209,400 $209,401 to $523,600 more than $523,600 head of household supporting a child or parent than half the cost of

to help pay for college, you worked part - time at a local restaurant, earning $22,000 in wages and tips. use the following information to complete parts (a) through (c). employees rates matching rates paid by employer 7.65% on first $142,800 of income 7.65% on first $142,800 paid in wages 1.45% of income in excess 1.45% of wages paid in excess of $142,800 of $142,800 click the icon to view the 2021 marginal tax rates. a. calculate your fica taxes. the fica taxes are $ (round to the nearest cent as needed.) 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $9,950 $9,951 to $40,525 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $523,600 more than $523,600 single unmarried, divorced, or legally separated $12,550 standard deduction 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $9,950 $9,951 to $40,525 $40,526 to $86,375 $86,376 to $164,925 $164,926 to $209,425 $209,426 to $314,150 more than $314,150 married filing separately partner and each separate files a tax return $12,550 standard deduction 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $19,900 $19,901 to $81,050 $81,051 to $172,750 $172,751 to $329,850 $329,851 to $418,850 $418,851 to $628,300 more than $628,300 married and both partners file a single tax return married filing jointly $25,100 standard deduction 2021 marginal tax rates tax rate 10% 12% 22% 24% 32% 35% 37% up to $14,200 $14,201 to $54,200 $54,201 to $86,350 $86,351 to $164,900 $164,901 to $209,400 $209,401 to $523,600 more than $523,600 head of household supporting a child or parent than half the cost of

Answer

Explanation:

Step1: Identify FICA - tax rate components

FICA - taxes are composed of Social Security and Medicare taxes. The Social - Security tax rate on the first $142,800 of income is 6.2% (employee's share) and the Medicare tax rate is 1.45% for all income.

Step2: Calculate FICA taxes on the first $142,800

For the first $142,800, the Social - Security tax is $142800\times0.062$ and the Medicare tax is $142800\times0.0145$. The total FICA tax rate on the first $142,800$ is $6.2% + 1.45%=7.65%$. The FICA tax on the first $142,800$ is $142800\times0.0765 = 10924.2$. For income in excess of $142,800$, only the Medicare tax of 1.45% applies. But since we are not given income in excess, we focus on the first $142,800$.

Answer:

$10924.20$