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Use the 2021 FICA tax rates in the table below to solve the…

Posted byAnonymous May 15, 2025

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Use the 2021 FICA tаx rаtes in the tаble belоw tо sоlve the problem. Round your answer to the nearest dollar.Table 8.2 2021 FICA Tax Rates Employee's Rates Matching Rates Paid by the Employer Self-Employed Rates ● 7.65% on first $142,800 of income ● 1.45% of income in excess of $142,800 ● 7.65% on first $142,800 paid in wages ● 1.45% of wages paid in excess of $142,800 ● 15.3% on first $142,800 of net profits ● 2.9% of net profits in excess of $142,800If you are self-employed and earn $150,800, what are your FICA taxes?

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