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).
Output
$ javac -Xlint FICA1.java
$ java -ea FICA1
Gross Pay: $5000.00
Social Security Tax: $310.00
Medicare Tax: $72.50
Net Pay: $4617.50