Homework Answers
| Calculation of amount of FICA- Social Security withheld from this employee for the month of june:- | |||||
| a | Maximum Earnings Subject to Social Security Tax | $ 118,500.00 | |||
| b | Earnings till May 31 | $ 102,000.00 | |||
| c | Earnings Subject to Social Security Tax | a-b | $ 16,500.00 | ||
| d | Earnings of June | $ 20,400.00 | |||
| e | Earnings Subject to Social Security Tax in June month | lower of c and d | $ 16,500.00 | ||
| f | FICA-Social Security tax Rate | 6.2% | |||
| g | FICA-Social Security tax withheld from this employee for the month of june | e*f | $ 1,023.00 | ||
Feel free to ask any clarification, if required. Please provide feedback by thumbs up, if satisfied. It will be highly appreciated. Thank you.
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