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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. What additional amount will the employer need to contribute towards FICA taxes?
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