Employee earned $37,000 during the year working for an employer when the maximum limit for social security was $118,500 each cal

Question

3 years ago

7

endar year. the fica tax rate for social security is 6.2% and the fica tax rate for medicare is 1.45%. the employee's annual fica taxes amount is:

1 answer:

PIT_PIT [208] · Answer 1 · 2022-07-25T06:19:06+03:00

6 0

Answer:2907

Step-by-step explanation:

FICA Taxes = wages * (FICA tax rate+ Medicare tax rate)

FICA= 38,000*(.062+.0145)=2907 employee share