An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period is $4,561. Assuming a FICA--OASDI rate of 6.2% and FICA-Medicare rate of 1.45%, how much FICA tax will be withheld from the employee's pay? Round to the nearest whole dollar
An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period is $4,561. Assuming a FICA--OASDI rate of 6.2% and FICA-Medicare rate of 1.45%, how much FICA tax will be withheld from the employee's pay? Round to the nearest whole dollar
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 16MC: An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the...
Related questions
Question
An employee has year-to- date earnings of $41,050. The employee's gross pay for the next pay period is $4,561. Assuming a FICA--OASDI rate of 6.2% and FICA-Medicare rate of 1.45%, how much FICA tax will be withheld from the employee's pay? Round to the nearest whole dollar
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning