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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College Accounting Ch 1-14

ISBN: 9780073346892

1st Edition

Authors: John Wild, Vernon Richardson, Ken Shaw

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