Sue earned $56,000 working for an employer in the current year. The current rate for Social Security is 6.2% payable on earnings up to $137,700 maximum per year and the Medicare rate is 1.45% with no...


Sue earned $56,000 working for an employer in the current year. The current rate for Social Security is 6.2% payable on earnings up to $137,700 maximum per year and the Medicare rate is 1.45% with no cap.


The FUTA tax rate of .6% is applied on ALL Earnings.   The SUTA tax rate of 5.4% is applied to the first $6,000 of an employee's pay.


A)The employer's total
FICA
payroll tax expense for this employee is: *Remember what FICA taxes are!


B) Using the above information for Sue:  When the employer remits the total payment to the Medicare Administration, how much will the payment be?



Jun 11, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here