Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If a taxpayer is not self - employed and earns $ 1 6 5 , 0 0 0 , what are the taxpayer's FICA taxes?Employee's

If a taxpayer is not self-employed and earns $165,000, what are the taxpayer's FICA taxes?Employee's RatesMatching Rates Paid by the EmployerSelf-Employed Rates7.65% on first $142,800 of income1.45% of income in excess of $142,8007.65% on first $142,800 paid in wages1.45% of wages paid in excess of $142,80015.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Financial Crisis Implications For Research And Teaching

Authors: Ted Azarmi, Wolfgang Amann

1st Edition

3319205870, 978-3319205878

More Books

Students also viewed these Finance questions