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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

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Answer #1
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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