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An employee receives an hourly rate of $350, with time and a half for all hours worked in excess of 40 during a week. Payroll
An employee receives an hourly rate of $350, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 50; federal income tax withheld, $3,371; cumulative earnings for year prior to current week, $140,700; social security tax rate, 6.2% on maximum of $142,800; and Medicare tax rate, 1.45% on all earnings. What is the amount of FICA Social Security taxes withheld on the employee's paycheck this week? Consider FICA limitations
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