Answer: $10,298.80
Step-by-step explanation:
Chris made more than the limit required for the Social Security tax so his Social Security tax will be based on the maximum amount of $132,900.
His Social Security tax is therefore:
= 6.2% * 132,900
= $8,239.80
There are no limits for Medicare so Chris will pay taxes on the whole amount he earned of $ 142,000.
Medicare = 1.45% * 142,000
= $2,059
FICA tax = Social security + Medicare
= 8,239.80 + 2,059
= $10,298.80
