Jim Barnes' cumulative earnings are $103,000, and his gross pay for the week is $6,400. If the FICA rates are: OASDI 6.2% on a limit of $128,400 and Medicare is 1.45%, what are his FICA-OASDI and FICA-Medicare taxes for the week? (Round your answers to the nearest whole dollar.)

Question

Quizplus · Accepted Answer

Jim Barnes' cumulative earnings before this week are $103,000. Adding his gross pay for the week ($6,400) brings his total earnings to $109,400, which is below the OASDI limit of $128,400. Therefore, his FICA-OASDI tax is 6.2% of $6,400, which equals $396.80, rounded to $397. His FICA-Medicare tax is 1.45% of $6,400, which equals $92.80, rounded to $93.

Jim Barnes' Cumulative Earnings Are $103,000, and His Gross Pay