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Mathematics, 25.03.2020 21:48 SPDrac0

Use the 2016 FICA tax rates in the table below to solve the problem. Round your answer
to the nearest dollar.
TABLE 8.2 2016 FICA Tax Rates
Matching Rates Paid by
Employee's Rates
the Employer
Self-Employed Rates
7.65% on first $118,500 7.65% on first $118,500 15.3% on first $118,500
of income
paid in wages
of net profits

1.45% of income in
excess of $118,500
1.45% of wages paid in
excess of $118,500
2.9% of net profits in
excess of $118,500
If you are self-employed and earn $186,500, what are your FICA taxes?

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