Which of the following statements is true of FICA taxes?

		The Medicare component is paid only on the first $137,700 of an employee's earnings in 2020
		In 2020, the total FICA tax rate is 15.3% -- Employees pay 6.2% for social security and 1.45% for medicare. Employers match that amount, for a total FICA tax of 15.3%
		The employer bears the full burden of the Medicare component of this tax
		The employee bears the full burden of the Medicare component of this tax
		The Social Security component is paid on all earnings

Eric is married. He puts away $5,000 a year in an IRA. He earns an average of 8%. ABOUT How much will he have saved in 40 years?

		$200,000
		$995,000
		$585,000
		$1,125,000
		$1,295,000