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What matching amount will the employer need to contribute

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Reference no: EM132993311

Question - Mike Samson is a college football coach making a base salary of $638,400 a year ($53,200 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA base amount is $128,400.

Required -

1. Compute how much will be withheld during the year for Coach Samson's Social Security and Medicare.

2. What matching amount will the employer need to contribute?

Reference no: EM132993311

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