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In 2009, the maximum taxable income for social security was $102,000 and the rate was 6.2%. The rat...
5 months ago
Q:
in 2009, the maximum taxable income for social security was $102,000 and the rate was 6.2%. The rate for medicare tax was 1.45%. If Jessica's taxable income was $152,000 that year, how much did she pay in FICA taxes?
Accepted Solution
A:
Social security tax = (Earnings-Maximum taxable income) * rate = (152,000-102,000)*0.062 = 50,000*0.062 = $3,100
Medicare tax = Earnings*rate = 152,000*0.0145 = $2,204
Total FICA tax = 3100+2204 = $5,304