The chief executive officer earns $22,000 per month. As of May 31, her gross pay was $110,000. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of FICA - Medicare withheld from this employee for the month of June?

Answer rating: 100% (QA)

For the month of June the FICAMedicare amount withheld from the CEOs salary would be 31000 This is ... View the full answer