Question
Andrew, an employee of Super Retailer, Inc., has gross salary for March of $5,500. The entire amount is under the OASDI limit of $118,500 and
Andrew, an employee of Super Retailer, Inc., has gross salary for March of $5,500. The entire amount is under the OASDI limit of $118,500 and thus subject to FICA. The total amount of employee FICA tax is $841.50. (Assume a FICAOASDI Tax of 6.2% and FICAMedicare Tax of 1.45%.)
True or False?
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Financial Reporting and Analysis
Authors: Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer
7th edition
1259722651, 978-1259722653
