Question
Mike Samson is a college football coach making a base salary of $637,200 a year ($53,100 per month). Employers are required to withhold a 6.2%
Mike Samson is a college football coach making a base salary of $637,200 a year ($53,100 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. Assuming the FICA base amount is $142,800.
1. Compute how much will be withheld during the year for Coach Samsons Social Security and Medicare. (Round your final answers to 2 decimal places.)
social security:
Medicare:
2. What matching amount will the employer need to contribute? (Round your final answer to 2 decimal places.)
Employer's contribution:
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