Question

if you are not self-employed and earn $120,000 what are your FICA taxes?

Answer 1

6.2 percent of 120,00,your employer pays another 6.2 and then you pay less than 2% for your medicare and your employer pays less than 2%.I think this is right-at least it is close.Excellent return on your money invested. $7440/year on 120,000. CORRECTION- i DID FORGET THAT THERE IS A CUT OFF AT 110000 OR SO WHERE YOU DON'T HAVE TO PAY ANYMORE. SO I DON'T DON'T REALLY KNOW THE CORRECT ANSWER.SORRY!!