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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

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