Your PTI is $160,000 and your effective PTI is $148,000 for the year of 2020....
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Finance
Your PTI is $160,000 and your effective PTI is $148,000 for the year of 2020. The social security tax rate for the year 2020 is 6.2% with a wage cap of $137,000. The medicare tax rate is 1.45%. How much will the IRS receive in Payroll taxes for your employment?
a) 22644
b) 10683.4
c) 21366.80
d) 11,322
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