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Tim's Gross Pay for This Month Is $8950

Question 10

Multiple Choice

Tim's gross pay for this month is $8950.His gross year-to-date pay,prior to this month,totaled $111,500.What is the amount of FICA tax withheld from Tim's pay for this month? (Assume an OASDI rate of 6.2%,applicable on the first $118,500 earnings,and a Medicare rate of 1.45%,applicable on all earnings.Do not round any intermediate calculations,and round your final answer to the nearest cent.)


A) $434.00
B) $129.78
C) $563.78
D) $554.90

Correct Answer:

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