Use the 2016 FICA tax rates in the table below to solve the problem. Round your answer to the nearest dollar. TABLE 8.2 2016 FICA Tax Rates Employee's Rates • 7.65% on first $118,500 of income ● 1.45% of income in excess of $118,500 Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages • 1.45% of wages paid in excess of $118,500 Self-Employed Rates 45) If you are self-employed and eam $196,500, what are your FICA taxes? C) $15,371 A) $20,393 B) 30,065 15.3% on first $118,500 of net profits . 2.9% of net profits in excess of $118,500 D) $10,196 45)

Use the 2016 FICA tax rates in the table below to solve the problem. Round your answer to the nearest dollar. TABLE 8.2 2016 FICA Tax Rates Employee's Rates • 7.65% on first $118,500 of income ● 1.45% of income in excess of $118,500 Matching Rates Paid by the Employer 7.65% on first $118,500 paid in wages • 1.45% of wages paid in excess of $118,500 Self-Employed Rates 45) If you are self-employed and eam $196,500, what are your FICA taxes? C) $15,371 A) $20,393 B) 30,065 15.3% on first $118,500 of net profits . 2.9% of net profits in excess of $118,500 D) $10,196 45)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $137,000, what are the taxpayer's FICA taxes? Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% of income in excess of $118,500 7.65% on first $118,500 paid in wages 1.45% of wages paid in excess of $118,500 15.3% on first $118,500 of net profits 2.9% of net profits in excess of $118,500 FICA taxes are ?$
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