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FICA mandates employers to deduct taxes from employees' pay each pay period to fund the OASDI and Medicare programs. Calculate the tax amounts for
FICA mandates employers to 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 250,000 Self Roberto Maria 90,000 Johnson Manufacturing 120,000 Johnson Manufacturing Jim Questions: 50,000 Self 1. How much do the employer and employee pay in total for OASDI each monthly pay period for (a) Ana, (b) Roberto, (c) Maria, and (d) Jim? How much do the employer and employee pay for Medicare each monthly pay period for (a) Ana, (b) Roberto, (c) Maria, and (d) Jim? 2. How much does the employer pay in total for OASDI each monthly pay period for (a) Ana, (b) Roberto, (c) Maria, and (d) Jim? (Remember that the individual and the employers are the same for self-employment.) 3. If the taxable wage base were to increase to $135,000, how much do the employer and employee pay in total for OASDI each monthly pay period for (a) Ana, (b) Roberto, (c) Maria, and (d) Jim?
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