Question

Rasheed works for Company A, earning $367,000 in salary during 2018. Assuming he is single and...

Rasheed works for Company A, earning $367,000 in salary during 2018.

Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate calculations to the nearest whole dollar amount.)

Amount of FICA tax for 2018?

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Answer #1

ANSWER = $14785.3

EXPLANATION:
For 2018, Rasheed will pay 6.2% of Social Security taxes on the first $128400 of his salary i.e. 7960.8, and he will pay 1.45% of Medicare taxes on his total salary i.e. 5321.5 and 0.9% of Medicare taxes on the remaining $167000(i.e. salary above $200000)of salary that will be $1503. In total, Rasheed will pay $7960.8 of Social Security taxes (6.2% x $128400) and $6824.5 of Medicare taxes for the year(1.45%×367000 + 0.09%×167000) for a total of $14785.3 FICA TAX
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