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Screenshot (78).png - windows Photo viewer - 3x File - Print E-mail Burn Cpen Homework #5 20 points [Individual Work] Chapter #8 [10 points) 12. When you either work for an employer or are self-employed, you must pay payroll taxes that fund Social Security and Medicare. These taxes are called FICA taxes because they are collected under the authority of the Federal Insurance Contributions Act. The 2012 FICA tax rate is 7.65% of your gross earnings for the year. The 7.65% includes a 6.2% contribution to the Old-Age, Survivors, and Disability Insurance (OASDIprogram and a 145% contribution to Medicares Hospital Insurance (HIprogramThe 6.2% contribution is on the first $110,100 of earnings for the year, there is no earnings limit for the 1.45%. Create a Visual Basic Windows application. Use the following names for the solution and project, respectively: FICA Solution and FICA ProjectSave the application in the ClearlyVB2012Chap08 folder. Change the name of the form file on your disk to frmMainvb. If necessary, change the forms name to frmMain. Create an interface that allows the user to enter two values the users year-to-date earnings and the earnings for the current pay period. The application should use this information to calculate and display the FICA tax to deduct from the current pay period's check. Code the application . Save the solution and then start and test the application Close the Code Editor window and then close the solution. ID. 5 to ) Sc NO EP E RJ W ND OG G PE NO A B :22 PM

Explanation / Answer

The Federal Insurance Contributions Act (FICA) is the federal law that requires you to withhold three separate taxes from the wages you pay your employees. FICA is comprised of: a 6.2 percentSocial Security tax; a 1.45 percent Medicare tax (the “regular” Medicare tax); and.

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