An employee earned ($50,000) during the year. FICA tax for social security is 6.2% and FICA tax
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An employee earned \($50,000\) during the year. FICA tax for social security is 6.2% and FICA tax for Medicare is 1.45%.
The employee’s share of FICA taxes is
a. Zero, since the employee’s pay exceeds the FICA limit.
b. Zero, since FICA is not an employee tax.
e. \($3,100\)
d. \($725\)
e. \($3,825\)
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Related Book For
College Accounting Ch 1-14
ISBN: 9781260904314
1st Edition
Authors: John Wild, Vernon Richardson, Ken Shaw
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