Based on 2021 FICA tax rates, the amount of FICA taxes that Rasheed will pay in 2021 is $16,947.60.
What are Rasheed's FICA taxes?
He will pay 6.2% for Social Security on the first $148,800:
= 6.2% x 142,800
= $8,853.60
He will also pay 1.45% for Medicare:
= 1.45% x 421,000
= $6,105
He will pay 0.9% for all amounts above $200,000 for Medicare Surtax:
= 0.9% x (421,000 - 200,000)
= $1,989
Total is:
= 1,989 + 6,105 + 8,853.60
= $16,947.60
Find out more on FICA taxes at https://brainly.com/question/1154643.
