Dave Brown's cumulative earnings are $127,200 , and his gross pay for the week is $5,300 . If the FICA rates are: Social Security 6.2% and Medicare is 1.45% , what are his FICA-OASDI and FICA-Medicare taxes for the week? Assume the Social Security threshhold is $128,400. it is multilple choices question. the choices are: A)$74.40;$17.40 B)$0;$76.85 C)74.40;76.85 D)$328.60;76.85
Dave Brown's cumulative earnings are $127,200 , and his gross pay for the week is $5,300 . If the FICA rates are: Social Security 6.2% and Medicare is 1.45% , what are his FICA-OASDI and FICA-Medicare taxes for the week? Assume the Social Security threshhold is $128,400. it is multilple choices question. the choices are: A)$74.40;$17.40 B)$0;$76.85 C)74.40;76.85 D)$328.60;76.85
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Dave Brown's cumulative earnings are
$127,200
, and his gross pay for the week is
$5,300
. If the FICA rates are: Social Security
6.2%
and Medicare is
1.45%
, what are his FICA-OASDI and FICA-Medicare taxes for the week? Assume the Social Security threshhold is
$128,400.
it is multilple choices question.
the choices are:
A)$74.40;$17.40
B)$0;$76.85
C)74.40;76.85
D)$328.60;76.85
Transcribed Image Text:Dave Brown's cumulative earnings are $127,200, and his gross pay for the
week is $5,300. If the FICA rates are: Social Security 6.2% and Medicare is
1.45%, what are his FICA-OASDI and FICA-Medicare taxes for the week?
Assume the Social Security threshhold is $128,400.
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