Tim's gross pay for this month is $ 9 comma 150$9,150. His gross year minus−to minus−date...
Tim's gross pay for this month is $ 9 comma 150$9,150. His gross year minus−to minus−date pay, prior to this month, totaled $ 110 comma 500$110,500. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.26.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.451.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.)
A. $ 496.00
B. $ 132.68
C. $ 567.30
D. $ 628.68
Homework Answers
| Answer | ||
| The Correct Option is D: $628.68 | ||
| Explanation | ||
| FICA-OASDI tax | $ 496 | (118500-110500)*6.2% |
| FICA-Medicare tax | $132.68 | 9150*1.45% |
| Total FICA tax withheld | $628.68 | |
| Option D $628.68 is correct | ||
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