Answered

Explore Westonci.ca, the premier Q&A site that helps you find precise answers to your questions, no matter the topic. Ask your questions and receive accurate answers from professionals with extensive experience in various fields on our platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Ian earned $150,000 of salary as an employee in 2021. How much should his employer have withheld from his paycheck for FICA taxes (rounded to the nearest whole dollar amount)

Sagot :

anthougo

The amount that Ian's employer should have withheld from Ian's paycheck for 2021 FICA taxes is $11,475, which is 7.65% of $150,000.

Data and Calculations:

Total earnings = $150,000

Social Security Tax rate = 6.2%

Medicare Tax rate = 1.45%

Total FICA taxes rate = 7.65%

FICA taxes = $11,475 ($150,000 x 7.65%)

The two parts of FICA taxes include the Social Security tax rate of 6.2% of Ian's earnings for 2021 or $9,300, while the Medicare tax rate is 1.45% of $150,000 or $2,175. The total FICA taxes rate is 7.65%.

Thus, Ian's 2021 FICA taxes total $11,475.

Learn more: https://brainly.com/question/13983034

Thanks for using our platform. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.