Question

Rasheed works for Company A, earning $382,000 in salary during 2018. Assuming he is single and...

Rasheed works for Company A, earning $382,000 in salary during 2018.

Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? (Round your intermediate calculations to the nearest whole dollar amount.)

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Answer #1
The Social Security wage limit for 2018 is $128400
Social Security tax withheld 7961 =128400*6.2%
Medicare tax withheld 5539 =382000*1.45%
Additional HI tax withheld 1638 =(382000-200000)*0.9%
Amount of FICA tax to be paid 15138
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