a. Applying the FICA tax rates and rules for 2022, calculate how much you would pay in FICA taxes if you earned $175,000 in wages during that year.
a. Applying the FICA tax rates and rules for 2022, calculate how much you would pay in FICA taxes if you earned $175,000 in wages during that year.
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 21CE: On January 1, 2019, Kunto, a cash basis taxpayer, pays 46,228 for a 24-month certificate. The...
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Transcribed Image Text:a. Applying the FICA tax rates and rules for
2022, calculate how much you would pay in
FICA taxes if you earned $175,000 in wages
during that year.
b. Applying the 2022 Social Security benefit
formula, calculate the monthly social
security benefit for a retiree who earned an
average of $4,000 per month while
working.
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