Redford's salary was $124,000 in 2015. What would his total combined FICA tax (OASDI & Medicare) withheld from his salary be for the year?

Question

Quizplus · Accepted Answer

First, we need to calculate the amount of FICA tax withheld from Redford's salary for OASDI (Social Security) and Medicare:
OASDI tax rate = 6.2%
Medicare tax rate = 1.45%

OASDI withholding = $124,000 x 6.2% = $7,688
Medicare withholding = $124,000 x 1.45% = $1,796

Total FICA tax withholding = $7,688 + $1,796 = $9,484

Therefore, the closest answer is C) $9,145.

Redford's Salary Was $124,000 in 2015