Employee's Rates

$7\mathrm{.}65\%$ on first $$142,800$ of income

$1\mathrm{.}45\%$ of income in excess of $$142,800$

Matching Rates Paid by the Employer

$7\mathrm{.}65\%$ on first $$142,800$ paid in wages

$1\mathrm{.}45\%$ of wages paid in excess of $$142,800$

Self$-$Employed Rates

$15\mathrm{.}3\%$ on first $$142,800$ of net profits

$2\mathrm{.}9\%$ of net profits in excess

of $$142,800$

$($i$)$ Click the icon to view the $2021$ marginal tax rates.

a$.$ Calculate your FICA taxes.

The FICA taxes are $$1,530.$

$($Round to the nearest cent as needed.$)$

b$.$ Calculate your income tax. Assume you are single with no dependents, have no adjustments or tax credit, and you take the standard deduction.

The income tax is $$2,400.$

$($Round to the nearest cent as needed.$)$

$2021$ Marginal Tax Rates

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$\backslash$table$[[\backslash$table$[[2021$ Marginal Tax Rates and Standard Deductions$]]],[,\backslash$table$[[$Unmarried$,],[$divorced$,$ or$],[$legally separated$]],\backslash$table$[[$Married and each$],[$partner files a$],[$separate tax return$]],\backslash$table$[[$Married and both$],[$partners file a$],[$single tax return$]],\backslash$table$[[$Unmarried and paying more$],[$than half the cost of$],[$supporting a child or parent$]]],[,$legally sepaicate,$\backslash$table$[[$Married Filing$],[$Separately$]],\backslash$table$[[$Married$],[$Filing Jointly$]],\backslash$table$[[$Head of$],[$Household$]]],[\backslash$table$[[$Tax Rate$],[10\%$