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FICA taxes are? Homework: Chapter 8.2 Homework Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not

FICA taxes are?

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Homework: Chapter 8.2 Homework Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $133,000, what are the taxpayer's FICA taxes? Matching Rates Paid by Employee's Rates the Employer Self-Employed Rates 7 65% on first $118 500 of 7 65% on first $118,500 paid 15.3% on first $118,500 of net income in wages profits 1 45% of income in excess 1 45% of wages paid in 2.9% of net profits in excess of $118,500 excess of $118,500 of $118.500 FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)

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