QUESTION 10 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) Employee 7.65% (6.2% • 1.45%) 15.3% (12.4% + 2.9%) Employer Sell-Employed earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings. Based on the above schedule, if Kim is working at Starbucks earning $45,000 per year, what is her FICA tax? O 6,885 $2,790 O $3,442.50 O She does not pay FICA tax because her total salary is less than $50,000

QUESTION 10 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) Employee 7.65% (6.2% • 1.45%) 15.3% (12.4% + 2.9%) Employer Sell-Employed earnings up to the taxable maximum. Their Medicare portion is 1.45% on all earnings. Based on the above schedule, if Kim is working at Starbucks earning $45,000 per year, what is her FICA tax? O 6,885 $2,790 O $3,442.50 O She does not pay FICA tax because her total salary is less than $50,000

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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