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The chief executive officer earns $10,160 per month. As of May 31, her gross pay...

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Accounting

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The chief executive officer earns $10,160 per month. As of May 31, her gross pay was $50,800. The FICA tax rate for Social Security is 6.2% of the first $132,900 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA 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? Multiple Choice $629.92 $7,464.55 $272.29 $1,259.84 $294.64

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