Taxable Earnings Cumulative Pay Current Before Current Earnings $ 6,650 6,370 33,460 6,930 127,050 35,470 38,675 Weckly Unemployment Social Earnings Compensation Security 008 $ Employee Name Click, Katelyn Coombs, Michelle Fauss, Erin Lenihan, Marcus McMahon, Drew Newell, Marg Stevens, Matt 720 1,200 900 4,440 1,110 1,260

Taxable Earnings Cumulative Pay Current Before Current Earnings $ 6,650 6,370 33,460 6,930 127,050 35,470 38,675 Weckly Unemployment Social Earnings Compensation Security 008 $ Employee Name Click, Katelyn Coombs, Michelle Fauss, Erin Lenihan, Marcus McMahon, Drew Newell, Marg Stevens, Matt 720 1,200 900 4,440 1,110 1,260

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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...

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Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates 7.65% on first $118,500 of income 1.45% on income above $118,500 7.65% on first $118,500 paid in wages 1.45% on wages above $118,500 13.3% on first $118,500 of net earnings 2.9% on earnings above $118,500 1FICA taxes include Social Security and Medicare. The Social Security tax applies to the first $118,500 of income, while the Medicare tax applies to all income. Suppose Holly has $227,100 of income from work and is not self-employed. How much will Holly have to pay in FICA taxes?
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