60. The rate for FICA Social Security is 6.2% and the rate for FICA Medicare is...
60. The rate for FICA Social Security is 6.2% and the rate for FICA Medicare is 1.45%. Calculate the total amount of FICA withholding for an employee whose pay is $2,400 and is entirely subject to these FICA taxes.
Homework Answers
FICA Withholding For An Employee:
| Social Security ( $2400× 6.2%) | $148.8 |
| Medicare ( $2400 × 1.45%) | $34.8 |
| Employee's share | $183.6 |
FICA Taxes are paid by both Employer and Employees. Both pay the same % for social security and medicare tax.
Therefore,
Total Withholding For Employee Would be:
= $183.6 × 2
=$ 367.2
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60. The rate for FICA Social Security is 6.2% and
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