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Tim's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $111,500. What is the amount of FICA
Tim's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $111,500. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.) OA. $563.78 B. $129.78 C. $434.00 D. $554.90
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Payroll Accounting 2016
Authors: Bernard J. Bieg, Judith Toland
26th edition
978-1305665910, 1305665910, 1337072648, 978-1337072649
