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?

Question

Mathematics

Kona

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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Answers (1)

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Kieran Gregory · Answer 1

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.