An employee earned $37,000 during the year working for an employer when themaximum limit for Social Security was $128,400. The FICA tax rate for SocialSecurity is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annualFICA taxes amount is:

Formula to calculate employee's annual FICA taxes amount:Employee's annual FICA taxes = Employee…

Answered: An employee earned $37,000 during the…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is: