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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able[[ able[[2021 Marginal Tax Rates and Standard Deductions]]],[, able[[Unmarried,],[divorced, or],[legally separated]], able[[Married and each],[partner files a],[separate tax return]], able[[Married and both],[partners file a],[single tax return]], able[[Unmarried and paying more],[than half the cost of],[supporting a child or parent]]],[,legally sepaicate, able[[Married Filing],[Separately]], able[[Married],[Filing Jointly]], able[[Head of],[Household]]],[ able[[Tax Rate],[10%
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of $142,800 income The FICA taxes are S 1,530 a. Calculate your FICA taxes. 7.65% on first $142,800 of Employee's Rates (Round to the nearest cent as needed.) (Round to the nearest cent as needed.) 1.45% of income in excess1.45% of wages paid in excess of $142,800 in wages 7.65% on first $142,800 paid the Employer Matching Rates Paid by Deduction Standard 37% 35% 32% 24% 22% 12% 10% Tax Rate $12,550 b. Calculate your income tax. Assume you are single with no dependents, have no adjustments or tax credit, and you take the standard deduction. of $142,800 profits MacBook Air more than $523,600 $209,426 to $523,600 $164,926 to $209,425 $86,376 to $164,925 $40,526 to $ $86,375 $9951 to $40,525 up to $9950 Single legally separated divorced,or Unmarried, 2021 Marginal Tax Rates 2.9% of net profits in excess 15.3% on first $142,800 of net Self-Employed Rates To help pay for college, you worked part-time at a local restaurant, earning $20,000 in wages and tips. Use the following information to complete parts (a through (c 44 $12,550 more than $314,150 $209,426 to $314,150 $164,926 to $209,425 $86,376 to $164,925 $40,526 to $86,375 $9951 to $40,525 up to $9950 Separately Married Filing separate tax return partner files a Married and each F8 DI1 2021 Marginal Tax Rates and Standard Deductions $25,100 more than $628,300 S418,851 to S628,300 $329,851 to $418,850 $172,751 to $329,850 $81,051 to $172,750 $19,901 to $81,050 up to $19,900 F9 Filing Jointly Married single tax return partners file a Married and both F10 $18,800 more than $523,600 S209,401 to $523,600 S164,901 to $209,400 $86,351 to $164,900 $54,201 to $86,350 $14,201 to $54,200 up to $14,200 Household Head of supporting a child or parent than half the cost of Unmarried and paying more F1 X -
