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:
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:
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:
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