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An employee earned $43,000 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 $43,000 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:
A) $6,579.00. B) $5,955.50. C) $623.50. D) $2,666.00. E) $3,289.50.
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