contestada

If you are self-employed, you don't have to pay FICA on all your salary, just on 92.35% of it. If your salary is $128,255 what is your total monthly contribution (FICA is 15.3%)?

Respuesta :

Answer:

$1510

Step-by-step explanation:

Parrain

Based on the amount earned and the FICA rate, your monthly contribution would be $1,510.15

You are self employed so you will be paying FICA on 92.35% of your salary.

Your annual FICA contribution would therefore be:

= 128,255 x 92.35% x 15.3% FICA

= $18,121.85

Your monthly contribution would be:

= 18,121.85 / 12 months

= $1,510.15

In conclusion, you would contribute $1,510.15 to FICA

Find out more on FICA at https://brainly.com/question/2288869.