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Mike Gundy is a college football coach making a salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social
Mike Gundy is a college football coach making a salary of $2,400,000 a year ($200,000 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assuming the FICA maximum base amount is $106,800, how much will be withheld during the year for the coach's Social Security and Medicare. a. $34,800. b. $41,422. c. $183,600. d. None of these amounts is correct
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