The chief executive officer earns $10,000 per month. As of May 31, her gross pay was $50,000. The tax rate for Social Security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employees pay. What is the amount of FICA-Social Security withheld from this employee for the month of June?

Question 23 options:

	$7,347
	$620
	$1,240
	$268
	$290