An employee is paid a salary of $10,150 per month. If the FICA rate is 6.2% on the first $118,500 of earnings and the Medicare tax rate is 1.45% on all earnings, how much will be deducted from the employee’s monthly paycheck during the following months?
An employee is paid a salary of $10,150 per month. If the FICA rate is 6.2% on the first $118,500 of earnings and the Medicare tax rate is 1.45% on all earnings, how much will be deducted from the employee’s monthly paycheck during the following months?
Chapter3: Social Security Taxes
Section: Chapter Questions
Problem 9PB
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An employee is paid a salary of $10,150 per month. If the FICA rate is 6.2% on the first $118,500 of earnings and the Medicare tax rate is 1.45% on all earnings, how much will be deducted from the employee’s monthly paycheck during the following months?
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