An employee earned $46,800 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:Multiple Choice$2,789.20.$6,489.70.$7,160.40.$3,580.20.$670.70.

FICA is a U.S. federal payroll tax. The acronym "FICA" stands for the Federal Insurance…

Answered: Multiple Choice $2,789.20. $6,489.70.…

Business

Accounting

Multiple Choice $2,789.20. $6,489.70. $7160.40. $3,580.20. $670.70.

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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