Jim is single and earns gross wages of $300,000 from his job…
Jim is single and earns gross wages of $300,000 from his job at Micro during 2024. Assume the FICA tax rate is 7.65%, comprised of 6.2% Social Security and 1.45% Medicare. There is an additional 0.9% Medicare tax on wages exceeding $200,000, and the wage limit for Social Security is $168,600. How much FICA tax will Jim pay in 2024 (round to the nearest dollar)?
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