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20) An employee earned $43,400 during the year working for an employer when the maximum limit for Social Security was $137,700. The Federal Insurance Contributions

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20) An employee earned $43,400 during the year working for an employer when the maximum limit for Social Security was $137,700. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45%. The employee's annual Federal Insurance Contributions Act (FICA) taxes amount is

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