Question

Janine is an employee for a company whose gross earnings were $100,000 in 2018. Calculate Janine's Social Security portion

of the FICA tax for 2018.
Given that, for this earnings amount, the current tax rate for social security is 6.2% for the employer and 6.2% for the
employee, how much did Janine have to pay in FICA taxes for 2018?

Answer 1

Explanation:

The social security portion of the FICA tax is calculated as 6.2% of the first $128,400 gross earnings. Since Janine's gross earnings are less than this amount, her entire gross earnings are subject to the Social Security tax.

$100,000×0.062= $6,200

Thus, $6,200 will be deducted from Janine's paychecks over the course of 2018.

Answer 2

$6,200

Explanation:

6.2% of $100,000 is

$100,000 × 0.062 = $6,200

Janine paid $6,200 in Social Security taxes for 2018.