Business, 24.07.2020 20:01 choudharykaran7997
Mike Samson is a college football coach making a base salary of $640,800 a year ($53,400 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400.
1. Compute how much will be withheld during the year for Coach Samson’s Social Security and Medicare. (Round your final answers to 2 decimal places.)
Social security $7,347.00
Medicare $9,430.80
2. What additional amount will the employer need to contribute towards FICA taxes? (Round your final answer to 2 decimal places.)
Employer's contribution
Answers: 2
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Mike Samson is a college football coach making a base salary of $640,800 a year ($53,400 per month)....
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