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An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $137,700. The Federal Insurance Contributions Act
An employee earned $37,000 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: Multiple Choice $1,996.65 $2,294.00. $10,534.05. $536.50. 9 Step by Step Solution
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Survey of Accounting
Authors: Carl S. Warren
8th edition
1305961889, 978-1337517386, 1337517380, 978-1305961883
