Ran’s wage income is $47,350 in 2018. The combined employer and employee FICA tax rates that apply to Ran’s wages are: a. 15.3% for Social Security and Medicare b. 6.2% for Social Security and Medicare c. 1.45% for Medicare d. 7.65 for Social Security e. None of the above

Ran’s wage income is $47,350 in 2018. The combined employer and employee FICA tax rates that apply to Ran’s wages are: a. 15.3% for Social Security and Medicare b. 6.2% for Social Security and Medicare c. 1.45% for Medicare d. 7.65 for Social Security e. None of the above

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter7: Employee Earnings And Deductions

Section: Chapter Questions

Problem 3E

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Question

Ran’s wage income is $47,350 in 2018. The combined employer and employee FICA tax rates that apply to Ran’s wages are:

a. 15.3% for Social Security and Medicare

b. 6.2% for Social Security and Medicare

c. 1.45% for Medicare

d. 7.65 for Social Security

e. None of the above

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