Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The chief executive officer earns $20,100 per month. As of May 31, her gross pay was $100,500 The tax rate for Social Security is 6.2%

image text in transcribed
image text in transcribed
The chief executive officer earns $20,100 per month. As of May 31, her gross pay was $100,500 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 54% Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of FICA - Medicare withheld from this employee for the month of June? Multiple Choice $291.45 $62310 O $623.10 O $7,383.74 (0) O $1,246.20 O $269.59

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT And European Bank Performance

Authors: E. Beccalli

1st Edition

0230006949, 9780230006942

More Books

Students also viewed these Accounting questions

Question

Please help with just condition 1

Answered: 1 week ago

Question

Why is repatriation orientation and training needed?

Answered: 1 week ago