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Brief Exercise 8-5 Calculate FICA taxes (LO8-3) Mike Samson is a college football coach making a base salary of $633,600 a year ($52,800 per month)....
Brief Exercise 8-5 Calculate FICA taxes (LO8-3)Mike Samson is a college football coach making a base salary of $633,600 a year ($52,800 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. Assuming the FICA base amount is $118,500. 1. Compute how much will be withheld during the year for Coach Samson's Social Security and Medicare. (Round your final answers to 2 decimal places.) Social securityMedicare 2. What additional amount will the employer need to contribute towards FICA taxes? (Round your final answer to 2 decimal places.)
