Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help asap The chief executive officer earns $20,000 per month. As of May 31, her gross pay was $100,000. The tax rate for Social
need help asap
The chief executive officer earns $20,000 per month. As of May 31, her gross pay was $100,000. 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 $7,34700 $62000 $1,24000 $268.25 $29000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started