Problem
Points: 0 of 1 Use the 2021 FICA tax rates, shown, to answer the following question. If a taxpayer is not self-employed and earns $\$ 132,000$, what are the taxpayer's FICA taxes? Employee's Rates $7.65 \%$ on first $\$ 142,800$ of income $1.45 \%$ of income in excess of $\$ 142,800$ Matching Rates Paid by the Employer $7.65 \%$ on first $\$ 142,800$ paid in wages $1.45 \%$ of wages paid in excess of $\$ 142,800$ Self-Employed Rates $15.3 \%$ on first $\$ 142,800$ of net profits $2.9 \%$ of net profits in excess of $\$ 142,800$ The taxpayer's FICA taxes are $\$ \square$. (Round to the nearest cent as needed.)
Solution
Step 1 ：The taxpayer's income is less than $142,800, so the tax rate is 7.65%.
Step 2 ：We can calculate the FICA taxes by multiplying the income by the tax rate.
Step 3 ：Let the income be \(132000\) and the tax rate be \(0.0765\).
Step 4 ：So, the FICA taxes are \(132000 \times 0.0765 = 10098.0\).
Step 5 ：Final Answer: The taxpayer's FICA taxes are \(\boxed{10098.0}\).
