Brief Exercise 8-5 Calculate FICA taxes (LO8-3) Mike Samson is a college football coach making a base salary of $630,000 a year ($52,500 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400. 1. Compute how much will be withheld during the year for Coach Samson's Social Security and Medicare. (Round your final answers to 2 decimal places.) Social security Medicare 2. What matching amount will the employer need to contribute? (Round your final answer to 2 decimal places.) Employer's contribution |