Peter Johnson had $120,000 taxable income. The letters F. I. C. A. stand for the Federal Insurance Contributions Act.
What amount is subject to the "continuing" Medicare tax?
What is the percentage tax rate for this amount for a self employed person?
What amount does this represent?
weekly pay $199.00 $259.00 $340.00
FICA (7.65%)
pay 7.65% of their taxable income to Social Security.
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