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Use the 2020 FICA Tax Rates to calculate the social security tax for a self-employed individual with a taxable income of $39,100.

Use the 2020 FICA Tax Rates to calculate the social security tax for a self-employed individual with a taxable income of $39,100.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Prev Question 4 Use the 2020 FICA Tax Rates to calculate the social security tax for a self-employed individual with a taxable income of $39,100. Tax Social Security tax Medicare tax Additional Medicare tax 2020 FICA Tax Rates Employee rate 6.2 % of the first $137,700 of gross income 1.45% 0.9% (on earnings over $200,000 for single filers; $250,000 for joint filers or $125,000 for married filing separately) Employer rate 6.2 % of the first $137,700 of gross income 1.45% N/A Self-employed rate 12.4% of the first $137,700 of gross income 2.9% 0.9% (on earnings over $200,000 for single filers; $250,000 for joint filers or $125,000 for married filing separately) Next
Transcribed Image Text:Prev Question 4 Use the 2020 FICA Tax Rates to calculate the social security tax for a self-employed individual with a taxable income of $39,100. Tax Social Security tax Medicare tax Additional Medicare tax 2020 FICA Tax Rates Employee rate 6.2 % of the first $137,700 of gross income 1.45% 0.9% (on earnings over $200,000 for single filers; $250,000 for joint filers or $125,000 for married filing separately) Employer rate 6.2 % of the first $137,700 of gross income 1.45% N/A Self-employed rate 12.4% of the first $137,700 of gross income 2.9% 0.9% (on earnings over $200,000 for single filers; $250,000 for joint filers or $125,000 for married filing separately) Next
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