Question
Use the 2021 FICA tax rates, shown, to answer the following question.If a taxpayer is self-employed and earns $ 152 comma 000$152,000, what are the
Use the 2021 FICA tax rates, shown, to answer the following question.If a taxpayer is self-employed and earns
$ 152 comma 000$152,000,
what are the taxpayer's FICA taxes?
Employee's Rates | Matching Rates Paid by the Employer | Self-Employed Rates | ||
---|---|---|---|---|
7.65% on first $142,800 of income 1.45% of income in excess of$142,800 | 7.65% on first $142,800 paid in wages 1.45% of wages paid in excess of $142,800 | 15.3% on first $142,800 of net profits 2.9% of net profits in excess of $142,800 |
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Introduction To Federal Income Taxation In Canada
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
33rd Edition
1554965020, 978-1554965021
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