What is the employee yearly contribution to the U.S. Medicare tax on a salary of 40,000 $/year ? FICA Taxes Social Security Medicare 12.4% 2.9% employer exployee employer employee 6.2% 6.2% 1.45% 1.45% A. $2480 B. $4960 C. $1160 D. $580
What is the employee yearly contribution to the U.S. Medicare tax on a salary of 40,000 $/year ? FICA Taxes Social Security Medicare 12.4% 2.9% employer exployee employer employee 6.2% 6.2% 1.45% 1.45% A. $2480 B. $4960 C. $1160 D. $580
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...
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Transcribed Image Text:What is the employee yearly contribution to the
U.S. Medicare tax on a salary of 40,000 $/year ?
FICA Taxes
Social Security
Medicare
12.4%
2.9%
employer exployee employer employee
6.2%
6.2%
1.45%
1.45%
A. $2480
B. $4960
C. $1160
D. $580
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