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The chief executive officer earns $10,060 per month. As of May 31, her gross pay was $50,300. The tax rate for Social Security is 6.2% of the first $128,400 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-Social Security withheld from this employee for the month of June?

Respuesta :

Answer:

$4,842.20

Explanation:

The computation of the amount of FICA-Social Security withheld is shown below:

= (First earning each calendar year - gross pay) × social security tax rate

= ($128,400 - $50,300) × 6.2%

= $78,100  × 6.2%

= $4,842.20

All other given information that are mentioned in the question is not relevant. Hence, ignored it

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