Brian makes $34,100 per year. How much can Brian expect to contribute to FICA taxes in...
Brian makes $34,100 per year. How much can Brian expect to contribute to FICA taxes in 2018? How much will his employer contribute? (Hint: The total FICA tax rate is 7.65%.)
The amount Brian can expect to contribute to FICA taxes in 2018 is ?
The amount his employer will contribute is ?
Nearest cent
Homework Answers
a. The amount Brian can expect to contribute to FICA taxes in 2018 is $2,608.65
b. The amount his employer will contribute is $2,608.65
W.N. -
a. FICA Taxes= (FICA Tax Rate) * (Salary)
= .0765 x 34,100= $2,608.65
b. Employers match FICA taxes by contributing the same amount from company funds on the employee's behalf, so his employer will also contribute $2,608.65
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