Question
Based on the above schedule, if Kim is working at Starbucks earning $45,000 per year, what is her FICA tax? FICA Rate (Social Security
Based on the above schedule, if Kim is working at Starbucks earning $45,000 per year, what is her FICA tax? FICA Rate (Social Security + Medicare Withholding) Employee Employer 7.65% (6.2% + 1.45%) 7.65% (6.2% +1.45%) 15.3% (12.4% +2.9%) Self-Employed Note: For employed wage earners, their Social Security portion is 6.2% on earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings.
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Income Tax Fundamentals 2015
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
33rd Edition
9781305177772, 128543952X, 1305177770, 978-1285439525
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