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Mike Samson is a college football coach making a base salary of $630,000 a year ($52,500 per month). Employers are required to withhold a 6.2%
Mike Samson is a college football coach making a base salary of $630,000 a year ($52,500 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assume Mike was employed throughout the year and the FICA base amount is $113,700. 1. Compute how much will be withheld during the year for Coach Samson?s Social Security and Medicare. Social security Medicare 2. What additional amount will the employer need to contribute towards FICA taxes
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