23 Jul WHAT IS THE INCIDENCE OF THE FICA TAX?
The portion of the Federal Insruance Contributions Act (FICA) tax paid by employers is 7.65 percent Show more The portion of the Federal Insruance Contributions Act (FICA) tax paid by employers is 7.65 percent and the portion paid by employees is 7.65 percent (for a total of 15.3 percent). Suppose that absent FICA taxes workers receive a competitive equilibrium wage of $10.00 per hour and that with FICA taxes divided equally between employers and employees the market wage is $9.52 per hour. What is the incidence of the FICA tax? For simplicity assume employers pay $0.765 in FICA taxes and workers pay $0.765 in FICA taxes for a total of $1.53. In this example works pay ____ percent of the FICA tax and employers pay ___ of this tax. (Enter your responses rounded to one decimal places.) Show less
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