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2. The FICA tax is comprised of Social Security and Medicare taxes. The tax rate for the Social Security portion is 6.2 percent on earnings
2. The FICA tax is comprised of Social Security and Medicare taxes. The tax rate for the Social Security portion is 6.2 percent on earnings up to a "wage base." The wage base for 2018 is $128,700. The tax rate for the Medicare portion is 1.45 perdent on all earnings; there is no wage base limit. Calculate your FICA tax for a wage of a. $42,500 b. $140,000 Step by Step Solution
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Financial Accounting
Authors: Carl Warren, James M. Reeve, Philip E. Fess
8th Edition
0324025394, 978-0324025392
