Question
Could someone tell me if I am correct on this question?
Laurie expects to make 100,000 in 2007.Her Social Security tax rate is 6.20% up to the wage base.Medicare is 1.45%.How much FICA is Laurie excepted to pay for the year?
$7,495.00 for my answer
Laurie expects to make 100,000 in 2007.Her Social Security tax rate is 6.20% up to the wage base.Medicare is 1.45%.How much FICA is Laurie excepted to pay for the year?
$7,495.00 for my answer
Answers
Since I don't know the wage base, it is hard to respond.
Multiply .062 by the wage base and .0145 by $100,000, then add these two products for your answer.
If this is what you have done, barring any math errors, your answer should be right.
Multiply .062 by the wage base and .0145 by $100,000, then add these two products for your answer.
If this is what you have done, barring any math errors, your answer should be right.
Thank-You.
The wage base is 97,500.
The wage base is 97,500.