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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 $136,000, 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 $136,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages Employee's Rates 7.65% on first $118,500 of Self-Employed Rates 15.3% on first $118,500 of net profits 1.45% ofincome in excess of $118,500 1.45% ofwagespad in excess of $118,500 2.9% of net profits in excess of $118,500 FICA taxes are S (Type an integer or a decimal. Round to the nearest cent as needed.)
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