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I need help on this question TB MC Qu. 09-133 (Algo) The chief executive officer earns... The chief executive officer earns $22,000 per month. As
I need help on this question
TB MC Qu. 09-133 (Algo) The chief executive officer earns... The chief executive officer earns $22,000 per month. As of May 31, her gross pay was $110,000. The tax rate for Social Security is 6.2% of the first $137,700 earned each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of Federal Insurance Contributions Act (FICA) - Medicare withheld from this employee for the month of June? Multiple Choice $8,081.70 $682.00 Multiple Choice $8,081.70 $682.00 $1,364.00 $295.08 $319.00Step by Step Solution
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