Business, 17.01.2020 21:31 rayray9471
Mike samson is a college football coach making a base salary of $632,400 a year ($52,700 per month). employers are required to withhold a 6.2% social security tax up to a maximum base amount and a 1.45% medicare tax with no maximum.
assume mike was employed throughout the year and the fica base amount is $113,700.
1. compute how much will be withheld during the year for coach samson? s social security and medicare. what will the amount of social security be and how will i find it?
2. what additional amount will the employer need to contribute towards fica taxes? what will be the additional amount and how will i find that ?
Answers: 2
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Mike samson is a college football coach making a base salary of $632,400 a year ($52,700 per month)....
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