Posted by Bonnie on .
Could someone tell me if I am correct on this question?
Laurie expects to make 100,000 in 2007.Her Social Security tax rate is 6.20% up to the wage base.Medicare is 1.45%.How much FICA is Laurie excepted to pay for the year?
$7,495.00 for my answer
Since I don't know the wage base, it is hard to respond.
Multiply .062 by the wage base and .0145 by $100,000, then add these two products for your answer.
If this is what you have done, barring any math errors, your answer should be right.
The wage base is 97,500.