Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
1:30:00 Time Left:1:11:36 Chloe DeBerry: Attempt 1 Questions Use the 2016 FICA tax rates in the table below to solve the problem. Round your answer
1:30:00 Time Left:1:11:36 Chloe DeBerry: Attempt 1 Questions Use the 2016 FICA tax rates in the table below to solve the problem. Round your answer to the nearest dollar TABLE 8.2 2016 FICA Tax Rates Matching Rates Paid by the Employer Employee's Rates . 765% on first $118,500 Self-Employed Rates 1 . | . 7.65% on first $118,500 paid in wages 15.3% on first $118,500 of net profits of income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 | . 2.9% of net profits in excess of $118,500 . If you are not self-employed and earn $156,500, what are your FICA taxes? $4625 $9616 $11,972 $19.233 Response Save estion 4 Saved MacBook Air
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started