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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 $126,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates Self-Employed Rates 7.65% on first $118,500 paid in wages 7.65% on first $118,500 of 15.3% on first $118,500 of net profits income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess f $118,500 ..... FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)

Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $126,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates Self-Employed Rates 7.65% on first $118,500 paid in wages 7.65% on first $118,500 of 15.3% on first $118,500 of net profits income 1.45% of income in excess of $118,500 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess f $118,500 ..... FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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 $126,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates Self-Employed Rates 7.65% on first $118,500 of income 7.65% on first $118,500 paid in wages 15.3% on first $118,500 of net profits 1.45% of income in excess 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess f $118,500 of $118,500 ..... FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)
Transcribed Image Text:Use the 2016 FICA tax rates, shown below, to answer the following question. If a taxpayer is not self-employed and earns $126,000, what are the taxpayer's FICA taxes? Matching Rates Paid by the Employer Employee's Rates Self-Employed Rates 7.65% on first $118,500 of income 7.65% on first $118,500 paid in wages 15.3% on first $118,500 of net profits 1.45% of income in excess 1.45% of wages paid in excess of $118,500 2.9% of net profits in excess f $118,500 of $118,500 ..... FICA taxes are $ (Type an integer or a decimal. Round to the nearest cent as needed.)
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