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Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Note: Round your intermediate and final answer to the nearest whole dollar amount.

Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Note: Round your intermediate and final answer to the nearest whole dollar amount.

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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Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Note: Round your intermediate and final answer to the nearest whole dollar amount. Amount of FICA tax Social Security 147,000. 6.2% = 9, 114 394,000 1.45% = 5, 713 medicare 194,000 0.09% = 17, 460 additional medicare X32,287 e
Transcribed Image Text:Rasheed works for Company A, earning $394,000 in salary during 2022. Assuming he is single and has no other sources of income, what amount of FICA tax will Rasheed pay for the year? Note: Round your intermediate and final answer to the nearest whole dollar amount. Amount of FICA tax Social Security 147,000. 6.2% = 9, 114 394,000 1.45% = 5, 713 medicare 194,000 0.09% = 17, 460 additional medicare X32,287 e
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