Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

The chief executive oflicer earns $20,800 per month. As of May 31, her gross pay was $104,000. The tax rate for Social Security is 6.2%

image text in transcribed
The chief executive oflicer earns $20,800 per month. As of May 31, her gross pay was $104,000. The tax rate for Social Security is 6.2% of the first $137700 earned each calendar year and the Federal insurance Contributions Act (FACA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rater is 06%, and the State Unemployment Taxes (SUTA) tax tate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of Eederal Insurance Contributions Act (FICA) - Medicare withheld from this employee for the month of June? Mingle Chaice 5128960 $644.80 $754088 327698 530160

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions