Irene earned wages of $118,200 during 2014.What share of FICA tax is Irene's employer responsible for in 2014?

Question

Quizplus · Accepted Answer

In 2014, the employer's share of FICA tax includes 6.2% for Social Security on wages up to $117,000 and 1.45% for Medicare on all wages. The employer's share for Social Security is $117,000 * 6.2% = $7,254, and for Medicare is $118,200 * 1.45% = $1,713.90. The total is $7,254 + $1,713.90 = $8,967.90.

Irene Earned Wages of $118,200 During 2014