An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and the Medicare tax rate is 1.45% of all earnings, how much should be withheld for (a) FICA tax and (b) Medicare tax during the following months? March (a) (b) December (a) (b)
An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and the Medicare tax rate is 1.45% of all earnings, how much should be withheld for (a) FICA tax and (b) Medicare tax during the following months? March (a) (b) December (a) (b)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and the Medicare tax rate is 1.45% of all earnings, how much should be withheld for (a) FICA tax and (b) Medicare tax during the following months?
- March (a) (b)
- December (a) (b)
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