The chief executive officer earns $21,700 per month. As of May 31, net gross pay was $108,00. The tax rate for social Security is 6.2% of the first $118,500 earned each year and the FICA tax rate for Medicate is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 4%. Both employment tax are applied to the first $7,000 of an employee's pay. What is the amount of FICA. Social Security from the employee for the month of June? $7,34700 $62000 $1,34.40 $145.00 $314.65