Redford's salary was $129,000 in 2018.What would his total combined FICA tax (Social Security & Medicare)withheld from his salary be for the year?

Question

Quizplus · Accepted Answer

In 2018, the Social Security tax rate was 6.2% on income up to $128,400, and the Medicare tax rate was 1.45% on all income. Therefore, Social Security tax = 6.2% of $128,400 = $7,960.80, and Medicare tax = 1.45% of $129,000 = $1,870.50. Total FICA tax = $7,960.80 + $1,870.50 = $9,831.30.

Redford's Salary Was $129,000 in 2018