Chapter 1 Homework Calculation of Social Security Tax and Marginal, Average and Effective Tax Rates (LO. 1) In 2020, Rory earns $70,000 per year as a college professor, paying $5,891 in federal income taxes. Latesia is a marketing executive with a salary of $140,000 who paid $21,919 in federal taxes. In addition, Latesia collected $50,000 on a life insurance policy. Both taxpayers are single and take the 2020 standard deduction. Compute the following for the two taxpayers. Note: Round the total taxes to two decimal places. Enter percentages to one decimal. a. With respect to the FICA taxes, calculate their total FICA liability. Hint: OASDI: 6.2% with a cap of $137,700; MHI: 1.45% Rory's total FICA taxes: Latesia's total FICA taxes: Feedback 5,355 10,170 X b. Based on the data provided, compute Rory and Latesia's marginal FICA tax rate for 2020. Rory's marginal tax rate: Latesia's marginal tax rate: % % Feedback c. Based on the data provided, compute Rory and Latesia's average FICA tax rate for 2020. Rory's average tax rate: Latesia's average tax rate: % % Feedback d. Based on the data provided, compute Rory and Latesia's effective FICA tax rate for 2020. Rory's effective tax rate: 7.65 % Latesia's effective tax rate: 7.08 X % Feedback Feedback Previous Next Check My Work