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MathematicsMathematics
4 June, 01:45

Sonny Siebert earned $485,000 a year as a rookie pitcher for the Cleveland Indians. Assuming a tax rate of 6.2% for Social Security up to $118,500 and Medicare tax of 1.45%, how much did Sonny pay in FICA taxes as a rookie pitcher?

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  1. 4 June, 03:03
    0
    14379.50

    Step-by-step explanation:

    If I remember correctly, the Medicare tax is taken on Gross Income. The question has already limited the base amount for Social Security.

    Social Security: 118,500 * 6.2/100 = 7347

    Medicare Tax: 485,000*1.45/100 = 7032.50 Add

    Add 14379.50

    Sonny paid 14370 in taxes for these 2 items.
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Home » Mathematics » Sonny Siebert earned $485,000 a year as a rookie pitcher for the Cleveland Indians. Assuming a tax rate of 6.2% for Social Security up to $118,500 and Medicare tax of 1.45%, how much did Sonny pay in FICA taxes as a rookie pitcher?
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