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  1. As of December 8 , Joe’s year-to-date wages are . On December 9 ,
    2012 , he is due wages of . How much FICA tax should the employer
    withhold from this payment?

Ask by Cook Mathis. in the United States
Mar 24,2025

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The employer should withhold $153.00 in FICA tax from Joe’s payment.

Solución

To determine the FICA tax that the employer should withhold from Joe’s payment, we need to calculate the FICA tax rate and apply it to the payment amount.
The FICA tax rate for employers is 6.2% for Social Security and 1.45% for Medicare.
Given:
  • Joe’s year-to-date wages as of December 8: $108,800
  • Payment due on December 9, 2012: $2,000
First, let’s calculate the FICA tax for the payment amount:
FICA tax = (6.2% for Social Security) + (1.45% for Medicare)
FICA tax = 0.062 * $2,000 + 0.0145 * $2,000
FICA tax = $124 + $29
FICA tax = $153
Therefore, the employer should withhold $153.00 in FICA tax from Joe’s payment.

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The Deep Dive

To calculate the FICA tax that should be withheld from Joe’s payment, first determine his total wages for the year after the December 9 payment. His year-to-date wages of plus the payment equals . Since the FICA tax has a wage base limit of for 2012, Joe’s total wages after the payment do not exceed this limit.
Now, calculate the FICA tax on the payment. The FICA tax rate is 7.65% (which includes 6.2% for Social Security and 1.45% for Medicare). Thus, the employer should withhold:
So, the answer is .
To keep things exciting, here’s a fun fact: The origin of FICA dates back to the 1930s, as part of the New Deal! It’s a way to ensure that everyone contributes to their own and others’ retirement and health coverage.
And for real-world application, understanding FICA taxes is crucial for both employers and employees. For employees, knowing how much is taken out can help plan finances better; for employers, ensuring the correct amount is withheld can prevent costly penalties down the line.

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