Calculating FICA Taxes

In this chapter, we learned that FICA mandates that employers deduct taxes from employees' pay each pay period to fund the OASDI and Medicare programs. Calculate the tax amounts for the following individuals:

Employee	Annual Salary Paid Monthly	Employer
Ana	$245,000	Self
Roberto	$85,000	Johnson Manufacturing
Maria	$115,000	Johnson Manufacturing
Jim	$45,000	Self

Part 2

For OASDI each monthly pay period, the employer and employee pay in total for:

(Round your answers to the nearest hundredths place.)

(a) Ana is

(b) Roberto is

(c) Maria

(d) Jim

For Medicare each monthly pay period, the employer and employee pay in total for:

(Round your answers to the nearest hundredths place.)

(a) Ana is

(b) Roberto is

(c) Maria is

(d) Jim is

Part 3

(Remember

that for self-employment, the individual and the employer are one and the

same.)

For OASDI each monthly pay period, the employer pay in total for:

(Round your answers to the nearest hundredths place.)

(a) Ana is

$enter your response here

(b) Roberto is

$enter your response here

(c) Maria is

$enter your response here

(d) Jim is

$enter your response here

Part 4

If the taxable wage base were to increase to $135,000, then for OASDI each monthly pay period, the employer and employee pay in total for:

(Round your answers to the nearest hundredths place.)

(a) Ana is

$enter your response here

(b) Roberto is

$enter your response here

(c) Maria is

$enter your response here

(d) Jim is

$enter your response here