Question
The chief executive officer earns $10,110 per month. As of May 31, her gross pay was $50,550. The Federal Insurance Contributions Act (FICA) tax rate
The chief executive officer earns $10,110 per month. As of May 31, her gross pay was $50,550. The Federal Insurance Contributions Act (FICA) 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 employees pay. What is the amount of Federal Insurance Contributions Act (FICA)-Social Security withheld from this employee for the month of June?
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