Kunsoon earns $72,000 per year as an employee. How much will he pay this year in FICA taxes? Only calculate Kunsoon's share of the tax.

Name: Kunsoon earns $72,000 per year as an employee. How much will he pay this year in FICA taxes? Only calculate Kunsoon's share of the tax.
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Question

Quizplus · Accepted Answer

FICA taxes consist of Social Security tax (6.2% on income up to $160,200 for 2023) and Medicare tax (1.45% on all income). Kunsoon's share is 7.65% of $72,000, which is $5,508.

Kunsoon Earns $72,000 Per Year as an Employee