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Calculate the annual fica taxes

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Reference no: EM132959290

Problem 1: Calculate their annual FICA taxes for 2020.

Here is the relevant information:

  • FICA taxes are based on their gross income - health insurance deductions.
  • They're required to pay FICA taxes on their 401(k) contributions, so you should NOT subtract their 401(k) contributions.
  • FICA taxes include 6.2% for Social Security and 1.45% for Medicare.

Reference no: EM132959290

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