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Camilla and Wren are co-employees comparing their FICA taxes. Camilla makes $128,400 a year while Wren earns exactly twice as much at $256,800 a year. What are their effective FICA tax rates?

Camilla and Wren are co-employees comparing their FICA taxes. Camilla makes $128,400 a year while Wren earns exactly twice as much at $256,800 a year. What are their effective FICA tax rates?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Camilla and Wren are co-employees comparing their FICA taxes. Camilla makes $128,400 a year while Wren earns exactly twice as much at $256,800 a year. What are their effective FICA tax rates? O Camilla 15.3%; Wren 15.3%. O Camilla 7.65%; Wren 4.55%. O Camilla 7.65%; Wren 7.65%. O Camilla 15.3%; Wren 9.10%.
Transcribed Image Text:Camilla and Wren are co-employees comparing their FICA taxes. Camilla makes $128,400 a year while Wren earns exactly twice as much at $256,800 a year. What are their effective FICA tax rates? O Camilla 15.3%; Wren 15.3%. O Camilla 7.65%; Wren 4.55%. O Camilla 7.65%; Wren 7.65%. O Camilla 15.3%; Wren 9.10%.
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