Question: Sonny Siebert earned $485,000 a year as a rookie pitcher for the Cleveland Indians. Assuming a tax rate of 6.2% for Social Security up to

Sonny Siebert earned $485,000 a year as a rookie pitcher for

Sonny Siebert earned $485,000 a year as a rookie pitcher for the Cleveland Indians. Assuming a tax rate of 6.2% for Social Security up to $118,500 and Medicare tax of 1.45%, how much did Sonny pay in FICA taxes as a rookie pitcher? (Round your answers to the nearest cent.) Social Security Tax Medicare Tax Total FICA Tax

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

Being a good neighbor is about more than just being there when things go completely wrong. Its also about being there for all of lifes moments when things go perfectly right. With a passion for...

Q:

Sunny earned 485,000 a year as a rookie pitcher for the Cleveland Indians. Assuming a tax rate of 6.2% for Social Security up to 142,800 and Medicare taxes 1.45%, how much did Sonny pay in FICA tax...

Q:

Sony sherbet earned $485,000 a year as a rookie pitcher for the Cleaveland Indians assuming a tax rate of 6.2% for Scioscia security up to 118,500 and Medicare tax of 1.45% how much did Sony pay in...

Q:

Personal Financial Planning Cases & Applications Textbook 10th Edition 2017-2018 Today is January 1, 2017 Archie and Elaine Peyton have come to you, a financial planner, for help in developing a plan...

Q:

Form W-4 Prepare Ben's Form W-4 for 2023. Tala will be making estimated payments to cover her share of income taxes, but Ben will reflect the effects of her self-employment income on his W-4 like a...

Q:

Laulima : ACC-201-0 [LEE.55017.5 x McGraw-Hill Education Campus X 5 Question 1 - Ch 11 Set 1 Homew X 9 New Tab X + V X > C A...

Q:

Form W-4 Prepare Ben's Form W-4 for 2023. Tala will be making estimated payments to cover her share of income taxes, but Ben will reflect the effects of her self-employment income on his W-4 like a...

Q:

Question 1: Fill out IRS TAX FORMS THAT ARE HIGHLIGHTED GREEN AND PURPLE. Hi! Thanks so much for taking us on as clients. A little background on us: My spouse, Sydney, and I, just moved to Texas...

Q:

Question 1: Fill out IRS TAX FORMS THAT ARE HIGHLIGHTED GREEN AND PURPLE. Hi! Thanks so much for taking us on as clients. A little background on us: My spouse, Sydney, and I, just moved to Texas...

Q:

Question 1: Fill out IRS TAX FORMS THAT ARE HIGHLIGHTED GREEN AND PURPLE. Hi! Thanks so much for taking us on as clients. A little background on us: My spouse, Sydney, and I, just moved to Texas...

Q:

Laulima : ENG-100E-O [LEE.55113 x McGraw-Hill Education Campus X 5 Question 16 - Chapter 13 Video L x + V X > C A...

Q:

Discuss how multicountry trade agreements have influenced the location of production or distribution facilities.

Q:

Classic Motor Homes Inc. currently sells 1,000 Class A motor homes, 2,500 Class C motor homes, and 4,000 pop-up trailers each year. The CEO is considering adding a mid-range camper and expects that...

Q:

Monetary unit sampling is rarely used in practice. True false question. True False

Q:

Scenario: A Multi-national Corporation called The Globe has created a subsidiary called Thirst in an under-developed country called non-potable waters. This hosting country suffers from a severe...

Q:

Distinguish between the different types of job evaluation and how and when they should be used.

Q:

Appreciate the difference between conventional pay systems and broadbanded pay systems.

Q:

Appreciate the impact of legal issues on training, learning and development.