Multiple Choice
An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $118,500 each calendar 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:
A) $2,294.00.
B) $536.50.
C) $2,830.50.
D) $1,757.50.
E) $8,950.50.
Correct Answer:
Verified
Correct Answer:
Verified
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