The chief executive officer earns $21,400 per month. As of May 31, her gross pay was...
The chief executive officer earns $21,400 per month. As of May 31, her gross pay was $107,000. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the amount of FICA- Social Security withheld from this employee for the month of June?
-
$310.30
-
$713.00
-
$1,326.80
-
$166.75
-
$7,347.00
Homework Answers
The correct answer is $713.
Supporting calculations:
FICA-Social Security withheld = (First $118,500 - Total Gross Pay) * Rate of Social Security Tax
= ($118,500 - $107,000) * 6.2/100
= $11,500*6.2/100
= $713
Therefore, the FICA-Social Security tax is $713.
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