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In December 2011, Homer Simpson worked for Springfield Power and earned $5,000. Federal income tax withholding...

In December 2011, Homer Simpson worked for Springfield Power and earned $5,000. Federal income tax withholding is 15%. The FICA rate is 6.2% and the Medicare tax is 1.45%. How much cash will Springfield Power pay the government for FICA because of Homer’s December earnings?

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Answer #1

Earnings of Homer simpson in december is $5000

FICA taxes are paid by both employee and employer. Employer has to match the contribution of the employee.

Federal income tax withholding is 15% of earnings i.e., 15%(5000) = $750

FICA rate is 6.2% (5000) [employer +employee] $310*2 = $620

Medicare tax is 1.45%(5000) [employer +employee] $75.2*2 =   $150.4

Total =  $1520.4

[As both employer and employee has to pay their contributions amounts are multiplied by 2]

Total cash paid by the employer for FICA will be $620+$150.4= $790.4

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