Tony's gross pay for the month is $2700. Tony's deduction for federal income tax is based on a rate of 21%. Tom has no voluntary deductions. Tony's year-to-date pay is under the limit for OASDI. What is the amount of FICA tax withheld from Tony's pay? (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%. Do not round any intermediate calculations, and round your final answer to the nearest cent.)
A) $773.55
B) $206.55
C) $567.00
D) $387.45
B) $206.55
FICA withheld = FICA-OASDI Tax of 6.2% + FICA-Medicare Tax
FICA withheld = ($2700 × 0.062) + ($2700 × 0.0145) = $206.55
You might also like to view...
What is sales promotion? What are the various factors that have contributed to the rapid growth of sales promotion in consumer markets?
What will be an ideal response?
In the case of ______, many organizations post job openings on bulletin boards, in company newsletters, and so on. Current employees may apply or bid for the open positions.
A. external recruiting B. promotions from within C. social media recruiting D. alternatives to recruiting
An examiner in a bankruptcy case does all of the following except:
a. hold a valid claim against a debtor. b. issue subpoenas. c. depose witnesses. d. investigate allegations of fraud.
Which term expands a company’s responsibility beyond its traditional economic shareholders to that of multiple stakeholders?
a. corporate expanded responsibility b. corporate social performance c. corporate-stakeholder relationship d. corporate socioeconomic performance