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?

2 answers

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 $118,500 and Medicare tax of 1.45%, how much did Sonny pay in FICA taxes as a rookie pitcher?

Answer:14379.50Step-by-step explanation:If I remember correctly, the Medicare tax is taken on Gross Income. The question has already limited the base amount for Social Security.Social Security: 118,500 * 6.2/100 = 7347Medicare Tax: 485,000*1.45/100 = 7032.50 AddAdd 14379.50 Sonny paid 14370 in taxes for these 2 items.

answer from jcherry99

1

Answers #2

Answer:$14,379.50Step-by-step explanation:Given that: Sonny Siebert Income: $485,000Social Security tax rate: 6.2% up to $118,500Medicare tax of 1.45%As we know that, the Federal Insurance Contributions Act (FICA) is made up of two items, Social Security and Medicare taxes.So Social Security tax: $118,500*6.2% = $7347Medicare tax: $485,000*1.45% = $732.5 => the amount of FICA taxes as a rookie pitcher she needs to pay is: = $7347 + $732.5 = $14,379.50

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