Connect Sites Web Slice Gallery ter 9 Quiz 6 Help Save&Exit; Submit MC Qu. 133 T

Question

Connect Sites Web Slice Gallery ter 9 Quiz 6 Help Save&Exit; Submit MC Qu. 133 The chief executive officer earns... The chief executive officer earms $20,200 per month. As of May 31,her gross pay was $101,000. The tax rate for Social Security is % of the first St18,500 earned each calendar year and the PCA tax rate for Medicare is 145% of al earnings. The current FUTA tax rate is 06%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of FICA-Medicare withheld from this employee for the month of June? Multiple Choice 253.75 $734700

Explanation / Answer

Fica - Medicare Taxes 1.45 % for all earning All Earnings = $           1,01,000.00 Fica Medicare tax withhel for the june from may salary = $                 1,464.50 ($ 101,000 X 1.45% ) Answer = $ 1464.50

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