How much FICA tax is Mahmet employer responsible

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Q1. Mahmet earned wages of $139,600 during 2020. He is single and claims two dependents. How much FICA tax is Mahmet's employer responsible to remit in 2020?

Q2. Which of the following statements is incorrect?

The exclusion ratio represents the proportion of each annuity payment that will be tax-free.

Once the cost of the annuity has been recovered, any remaining payments will be tax-free.

To determine the taxable amount of each annuity payment, the taxpayer must know the cost of the contract.

If annuity payments are to be received for a fixed period, the taxpayer does not need to refer to the life expectancy tables provided by the IRS.

Reference no: EM133075372

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