Math

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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 expected to pay for the year?

  • Math -

    What was the FICA wage base in 2007?

    OK I looked it up. It was $97,500

    Take 6.4% of 97,500 (the 2007 wage base) and add 1.45% of $100,000 (the actual income). There is no "wage base" for the Medicare deduction.

    Yikes. Makes me glad I'm retired

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