An employee is paidba 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? 1. March (a) (b) 2. December (a) (b)
An employee is paidba 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? 1. March (a) (b) 2. December (a) (b)
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...
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An employee is paidba 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?
1. March (a) (b)
2. December (a) (b)
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