An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $128,400. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The employee's annual FICA taxes amount is:
A. $2,294.00.
B. $1,757.50.
C. $8,950.50.
D. $2,830.50.
E. $536.50.
Answer: D
You might also like to view...
A tenancy for years will automatically renew if no notice is given by the tenant or landlord of intention to terminate the lease.
Answer the following statement true (T) or false (F)
One of the basic purposes of inventory analysis in manufacturing and stock keeping services is to specify when items should be ordered.
Answer the following statement true (T) or false (F)
The use of both rail and trucks for transporting goods is called ________
A) trainshipping B) fishybacking C) piggybacking D) airtrucking E) autoracking
Operating control involves checking ongoing performance against the annual plan and taking corrective action when necessary
Indicate whether the statement is true or false