An employee earned $44,200 working for an employer in the current year. The current rate...
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An employee earned $44,200 working for an employer in the current year. The current rate for Federal insurance Contributions Act (FICA) Social Security is 6.2% payable on earnings up to $137.700 maximum per year, and the rate for Federal Insurance Contributions Act (FICA) Medicare 1.45\%. The employer's total Federal Insurance Contributions Act (FICA) payroll tax for this employee is: Multuple Choice $6,762.60 $640.90 $3,38130 SO, since the Federal Insurance Contributions Act (FICA) tax is only deducted from an employee's pay $2740.40
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