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Medicare Medicare Cap FICA Taxes based on the following table Soc Sec Came FICAZ Cap Rate...

Question

Medicare Medicare Cap FICA Taxes based on the following table Soc Sec Came FICAZ Cap Rate...

Medicare Medicare Cap FICA Taxes based on the following table Soc Sec Came FICAZ Cap Rate 1.45% 1.45% Soc Sec Rate 6.296 6.29
Medicare Medicare Cap FICA Taxes based on the following table Soc Sec Came FICAZ Cap Rate 1.45% 1.45% Soc Sec Rate 6.296 6.296 $53,400 $55,500 $57,600 $60,600 $125,000 $130,200 $135,000 no cap 1.45% 1.45% 7.65% $53,400 7.65% $55,500 7.65% $57,600 7.65% $60,600 An income of $55,500 in 1992: Worker's contribution 6.2% 6.29 1903 An income of $120,000 in 1994 Worker's contribution

Answers

In 1992, worker's contribution is 6.2% of $55500 + 1.45% of $55500 = $4245.75

In 1994, worker's contribution is 6.2% of $60600 + 1.45% of $120000 = $5497.2


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