Question
An employee earned $45,000 during the year working for an employer when the maximum limit for Social Security was $118,500. The FICA tax rate for
An employee earned $45,000 during the year working for an employer when the maximum limit for Social Security was $118,500. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is:
Multiple Choice
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$3,442.50.
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$6,232.50.
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$652.50.
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$2,790.00.
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$6,885.00.
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Financial Management For Public Health And Not For Profit Organizations
Authors: Steven A. Finkler
3rd Edition
0136070736, 978-0136070733
