Use the 2021 FICA tax rates, shown, to answer the following question.If a taxpayer is self-employed and
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Question:
Use the 2021 FICA tax rates, shown, to answer the following question.If a taxpayer is self-employed and earns
$ 149 comma 000$149,000,
what are the taxpayer's FICA taxes?
Employee's Rates | Matching Rates Paid by the Employer | Self-Employed Rates | ||
---|---|---|---|---|
7.65% on first $142 comma 800142,800 of income 1.45% of income in excess of $142 comma 800142,800 | 7.65% on first $142 comma 800142,800 paid in wages 1.45% of wages paid in excess of $142 comma 800142,800 | 15.3% on first $142 comma 800142,800 of net profits 2.9% of net profits in excess of $142 comma 800142,800 |
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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