The Federal Insurance Contributions Act (FICA) requires employers to deduct 6.2% for Social Security and 1.45% of all annual income for Medicare taxes. 1. Larenzo Lopez, a store manager, has a gross weekly income for $721.15. His earnings to date for this year total $25,240.25. How much is deducted from his paycheck this week for Social Security? How much for Medicare? SS Medicare
The Federal Insurance Contributions Act (FICA) requires employers to deduct 6.2% for Social Security and 1.45% of all annual income for Medicare taxes. 1. Larenzo Lopez, a store manager, has a gross weekly income for $721.15. His earnings to date for this year total $25,240.25. How much is deducted from his paycheck this week for Social Security? How much for Medicare? SS Medicare
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter9: Payroll Accounting: Employer Taxes And Reports
Section: Chapter Questions
Problem 3MC
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