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Project: FICA Taxes

The Federal Insurance Contributions Act (FICA) is made up of two items, Social Security and Medicare taxes. In 2020 for wage earners that earn less than $137,700 per year, the Social Security tax rate is 6.2% and the Medicare tax rate is 1.45%. Write a program that computes the monthly paycheck for someone who earns a salary of $60,000. Print the base pay monthly pay, Social Security tax, Medicare tax and then the final net pay (base minus taxes).

$ g++ -std=c++17 FICA1.cpp -o FICA1 -lfmt $ ./FICA1 Gross Pay: $5000.00 Social Security Tax: $310.00 Medicare Tax: $72.50 Net Pay: $4617.50