Answer:
$9,409.50
Explanation:
Calculation for the total combined FICA tax (OASDI & Medicare) withheld from Redford's salary for the year
For the year 2019 the total FICA tax rate is 7.65%
Which are :
OASDI tax = 6.2%
+ Medicare tax =1.45%
Now let calculated the amount of OASDI tax for Redford's salary
Using this formula
OASDI tax =Salary ×OASDI tax rate
Let plug in the formula
OASDI tax =$123,000×6.2%
OASDI tax =$7,626
Let let calculated the amount of the Medicare tax for Redford's salary
Using this formula
Medicare tax =Salary ×Medicare tax rate
Let plug in the formula
Medicare tax=$123,000*1.45%
Medicare tax=$1,783.50
Total combined FICA tax
OASDI tax =$7,626
Medicare tax=$1,783.50
Total=$9,409.50
Therefore what the total combined FICA tax (OASDI & Medicare) withheld from his salary will be for the year is $9,409.50
