An employee earned $42,300 working for an employer in the current year. The current rate for FICA
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Question:
An employee earned $42,300 working for an employer in the current year. The current rate for FICA Social Security is 6.2% payable on earnings up to $127,200 maximum per year and the rate for FICA Medicare 1.45%. The employer's total FICA payroll tax for this employee is:
Multiple Choice
$3,235.95.
$613.35.
$2,622.60.
Zero, since the FICA tax is a deduction from an employee's pay, and not an employer tax.
$6,471.90.
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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