Fill This Form To Receive Instant Help
Fill This Form To Receive Instant Help
Homework answers / question archive / In 2020, Bianca earned a salary of $154,200 from her employer
In 2020, Bianca earned a salary of $154,200 from her employer. Round your answer to whole dollar amount, if necessary. Determine the amount of FICA Social Security taxes and Medicare taxes withheld from her salary. Social Security: $ ? Medicare: $ ?
For year 2020,The maximum earnings subject to social security tax is 137700 at a rate of 6.2% .There is no limit for FICA-medicare tax and a tax rate is equals to 1.45%.
| Maximum Limit | Amount of Taxes | |
| Social security | 137700 | 137700*6.2%= 8537.4 (rounded to 8537) |
| Medicare | No limit | 154200*1.45%= 2235.9 (rounded to 2236) |
