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Employee's Rates 7.65% on first $142,800 of income 1.45% of income in...

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Accounting

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
(i) Click the icon to view the 2021 marginal tax rates.
a. Calculate your FICA taxes.
The FICA taxes are $1,530.
(Round to the nearest cent as needed.)
b. Calculate your income tax. Assume you are single with no dependents, have no adjustments or tax credit, and you take the standard deduction.
The income tax is $2,400.
(Round to the nearest cent as needed.)
2021 Marginal Tax Rates
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\table[[\table[[2021 Marginal Tax Rates and Standard Deductions]]],[,\table[[Unmarried,],[divorced, or],[legally separated]],\table[[Married and each],[partner files a],[separate tax return]],\table[[Married and both],[partners file a],[single tax return]],\table[[Unmarried and paying more],[than half the cost of],[supporting a child or parent]]],[,legally sepaicate,\table[[Married Filing],[Separately]],\table[[Married],[Filing Jointly]],\table[[Head of],[Household]]],[\table[[Tax Rate],[10%
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