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Brook a single taxpayer works for Company A for all of 2018 earnings salary of $57,000....

Brook a single taxpayer works for Company A for all of 2018 earnings salary of $57,000. What is her FICA tax obligation for the year. Assume Brook work for Company A for half of 2018, earning $57,000 in salary, and she works for Company B for the second half of 2018, earning $97,000 in salary what is Brooks FICA tax obligation for the year?______________

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Answer #1

When Brook is earnings only $57000 her FICA Tax Obligation = 57000*7.65% = $4360.5

(where 7.65% is nothing but a sum of FICA Social Security Tax 6.2% and FICA Medicare tax 1.45%)

In the second scenario, total salary income for Brook = 97000+57000 = $154000

Since this amount exceeds the Social Security wage base of $128400, FICA tax obligation will be calculated as below:

FICA Social Security Tax = $128400*6.2% = $7960.80 or $7961 (rounding off to nearest dollar)

FICA Medicare Tax = $154000*1.45% = $2233

Hence, total FICA obligation = 7961+2233 = $10194

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