use the 2021 fica tax rates, shown, to answer the following question. if a taxpayer is not self - employed…

use the 2021 fica tax rates, shown, to answer the following question. if a taxpayer is not self - employed and earns $162,000, what are the taxpayer’s fica taxes? employee’s rates 7.65% on first $142,800 of income 1.45% of income in excess of $142,800 matching rates paid by the employer 7.65% on first $142,800 paid in wages 1.45% of wages paid in excess of $142,800 self - employed rates 15.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800 the taxpayer’s fica taxes are $ (round to the nearest cent as needed.)

use the 2021 fica tax rates, shown, to answer the following question. if a taxpayer is not self - employed and earns $162,000, what are the taxpayer’s fica taxes? employee’s rates 7.65% on first $142,800 of income 1.45% of income in excess of $142,800 matching rates paid by the employer 7.65% on first $142,800 paid in wages 1.45% of wages paid in excess of $142,800 self - employed rates 15.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800 the taxpayer’s fica taxes are $ (round to the nearest cent as needed.)

Answer

Explanation:

Step1: Calculate tax on first $142,800

$142800\times7.65%=142800\times0.0765 = 10924.2$

Step2: Calculate income in excess

$162000 - 142800=19200$

Step3: Calculate tax on excess income

$19200\times1.45%=19200\times0.0145 = 278.4$

Step4: Calculate total FICA tax

$10924.2+278.4 = 11202.6$

Answer:

$11202.60$