Harry has two jobs.He earns $118,700 from his first job and $10,000 from his second job.How much total FICA withholding will Harry have withheld from his wages from working two jobs?

Question

Quizplus · Accepted Answer

The FICA tax consists of Social Security and Medicare taxes. For 2023, the Social Security tax rate is 6.2% on the first $160,200 of earnings, and the Medicare tax rate is 1.45% on all earnings. Harry's total earnings are $128,700. Social Security tax is $128,700 * 6.2% = $7,979.40. Medicare tax is $128,700 * 1.45% = $1,854.15. Total FICA withholding is $7,979.40 + $1,854.15 = $9,833.55.

Harry Has Two Jobs