Question
The FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. An employee's share of both FICA taxes was $4,054.50.Given
| The FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. An employee's share of both FICA taxes was $4,054.50.Given that this employee did not exceed the FICA earnings limitation, compute gross pay. |
a.$65,395.16.
b.$53,000.00.
c.$279,620.69.
d.$31,016.93.
e.Zero, since the employee's pay did not exceed the FICA limit.
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Financial Accounting In An Economic Context
Authors: Jamie Pratt
7th Edition
0470128828, 978-0470128824
