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Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $140,000, what are the
Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $140,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $118,500 of 7.65% on first $118,500 paid 15.3% on first $118,500 of net income in wages 1.45% of income in excess 1.45% of wages paid in of $118,500 excess of $118,500 profits 2.9% of net profits in excess of $118,500 FICA taxes are $ (Type an integer or a decimal Round to the nearest cent as needed.) REZID 4
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