Question: Mike Samson is a college football coach making a base
Mike Samson is a college football coach making a base salary of $652,800 a year ($54,400 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $113,700, compute how much will be withheld during the year for Coach Samson’s Social Security and Medicare. What additional amount will the employer need to contribute?
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