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In 2019, Chris made $142,000 as a dentist. Social Security tax was 6.2% to a maximum income of $132,900.

Medicare tax was 1.45% of all income. How much did Chris pay in FICA Taxes?

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Sagot :

Parrainidn

Answer: $10,298.80

Step-by-step explanation:

Chris made more than the limit required for the Social Security tax so his Social Security tax will be based on the maximum amount of $132,900.

His Social Security tax is therefore:

= 6.2% * 132,900

= $8,239.80

There are no limits for Medicare so Chris will pay taxes on the whole amount he earned of $ 142,000.

Medicare = 1.45% * 142,000

= $2,059

FICA tax = Social security + Medicare

= 8,239.80 + 2,059

= $10,298.80

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