Tim's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month,...

 

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Tim's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $111,500. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.) OA. $563.78 B. $129.78 C. $434.00 D. $554.90 Tim's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $111,500. What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.) OA. $563.78 B. $129.78 C. $434.00 D. $554.90

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To calculate the amount of FICA tax withheld from Tims pay for this month you need to consider both ... View the full answer