An employee is paid a salary of $11,050 per month. If the current FICA rate is...
An employee is paid a salary of $11,050 per month. If the current FICA rate is 6.2% on the first $130,000 of earnings, and the Medicare tax rate is 1.45% of all earnings, how much should be withheld for (a) FICA tax and (b) Medicare tax during the following months? March and December.
Homework Answers
a.
March:
FICA tax should be withheld for the whole month’s salary, since the limit $130,000 is not yet reached.
FICA tax = 11,050 × 6.2%
= 685.10 (Answer)
December:
March to December is a gap of 10 months; total earnings is (11,050 × 10 =) 110,500; it is still below the maximum limit of $130,000. Therefore,
FICA tax = 11,050 × 6.2%
= 685.10 (Answer)
b.
This would be on total earnings, without any limit restriction.
March:
Medicare tax = 11,050 × 1.45%
= 160.225
= 160.23 (Answer)
December:
Medicare tax = 11,050 × 1.45%
= 160.225
= 160.23 (Answer)
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