Ahemingway6852 Ahemingway6852
  • 02-10-2017
  • Business
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Brian makes ​$27,000 per year. how much can brian expect to contribute to fica taxes? question 7 options: $2,065 $1,674 $391 $2,664

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W0lf93
W0lf93 W0lf93
  • 13-10-2017
To find the amount of FICA taxes one has to contribute, there are two values needed. First, the Social Security tax rate is 0.062 (6.2%) on the first $127,200 in wages, and then the Medicare tax is 0.0145 (1.45%) on the first $200,000 in income. Adding these two figures gives the total FICA taxes. 6.2 percent of $27,000 is $1,674, and 1.45 percent of $27,000 is $391.50. Adding these two values together (1674 + 391) gives a total of $2,065, or choice (A).
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