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Hera earned a $175,000 salary in 2022 . Her husband, Zeus, earned $100,000 salary in 2022 . Hera and Zeus file a joint tax return. How much in FICA taxes will they owe in 2022? Multiple Choice a. $19,302 b. $19,717 c. $15,314 d. $19,527

User Moeabdol
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Final answer:

Hera and Zeus will owe a total of a. $19,302 in FICA taxes in 2022.

Step-by-step explanation:

FICA taxes consist of Social Security tax and Medicare tax. In 2022, the Social Security tax rate is 6.2% on income up to $147,000 and the Medicare tax rate is 1.45% on all income.

For Hera's salary of $175,000 and Zeus's salary of $100,000, their combined income subject to Social Security tax is $247,000 ($175,000 + $100,000 - $28,800) and their combined income subject to Medicare tax is $275,000 ($175,000 + $100,000).

To calculate their FICA taxes, we multiply the Social Security taxable income by the Social Security tax rate, and the Medicare taxable income by the Medicare tax rate, and then add the two amounts together. The FICA taxes they will owe in 2022 is:

Social Security tax: $247,000 x 6.2% = $15,316

Medicare tax: $275,000 x 1.45% = $3,986

Total FICA taxes: $15,316 + $3,986 = $19,302

Therefore, the correct answer is d. $19,302

User John Zwinck
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