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If you could label the different parts that would be great! Question 1: Employer's FICA An employee earned $50,000 during the year. FICA tax for
If you could label the different parts that would be great!
Question 1: Employer's FICA An employee earned $50,000 during the year. FICA tax for Social Security is 62% and FICA tax for Medicare is 1.45%. The employer s share of FICA taxes is A. Zero, since the employee's pay exceeds the FICA limit B. Zero, since FICA is not an employer tax. C. $3,100 D. $725 E. $3,825 Question 2: Employer's FUTA Assume the FUTA tax rate is 0.6% and the SUTA tax rate is 54%. Both taxes are applied to the first $7,000 of an employee's pay. What is the total unemployment tax an employer must pay on an employee's annual wages of $40,000? A. S2,400 B. S420 C. S42 D. S378 E. Zero; the employee's wages exceed the $7,000 maximum
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