An employee earned $42,900 working for an employer in the current year. The current rate for...
An employee earned $42,900 working for an employer in the current year. The current rate for FICA Social Security is 6.2% payable on earnings up to $128,400 maximum per year and the rate for FICA Medicare 1.45%. The employer's total FICA payroll tax for this employee is:
Multiple Choice
-
$0, since the FICA tax is only deducted from an employee's pay.
-
$2,659.80.
-
$622.05.
-
$6,563.70.
-
$3,281.85.
Homework Answers
Fica payroll tax for employee
= Fica social security (42,900*6.2%) + Fica Medicare (42,900*1.45%)
= 3281.85
Option D is the answer
Comment if you face any issues
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