myMCCKC Sign-in Math Help Save&Exit; The chief executive officer earns S20.300 p

Question

myMCCKC Sign-in Math Help Save&Exit; The chief executive officer earns S20.300 per month. As of May 31, her gross pay was $101,500. The tax rate for Social Security is 62% of the first S118.500 earned each calendar year and the RCA tax rate for Medicare is 1.45% of all earnings. rate is 54% Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of FICA Social Security withheld from this employee for the month of June? The current FUTA tax rate is 0.6%, and the SUTA tax $7,34700 $1054.00 $1258 60 $246 50 $294 35

Explanation / Answer

Social Security taxes withheld = (118500-101500)*6.2%= 1054 Option 2 is correct

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