An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%,
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An employee earns $8,000 in the first pay period. The FICA Social Security Tax rate is 6.2%, and the FICA Medicare tax rate is 1.45%. What is the employee’s FICA taxes responsibility?
A. $535.50
B. $612
C. None, only the employer pays FICA taxes
D. $597.50
E. $550
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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