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The chief executive officer earns $20,600 per month. As of May 31, her gross pay was $103,000. The tax rate for Social Security is 6.2%
The chief executive officer earns $20,600 per month. As of May 31, her gross pay was $103,000. The tax rate for Social Security is 6.2% of the first $137700 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
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