OTHER TAXES 1) What role does your employer pay in payment of your FICA tax (social security & Medicare)? 2) Assume that the Social Security tax rate is 6% and the Social Security maximum is $140,000 per year. A) What is the effective tax rate on someone with a $70,000 salary? B) What is the effective tax rate on someone with a $140,000 salary? C) What is the effective tax rate on someone with a $1,400,000 salary? 3) The sales tax is said to have a "flat tax rate". What does that mean? INCOME TAX RATES (USE THE HANDOUT IN COURSE DOCUMENTS SECTION) 1) H, a single individual has taxable income of $100,000 in 2018. A) What is H's total tax liability? B) What is H's average tax rate? C) What is H's marginal tax rate? 2) If H decides to put $1,000 in a retirement account how much would that reduce her tax liability