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H3Ko H3Ko
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Posts: 4891
8 years ago
Timothy's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $112,000. What is the amount of FICA tax withheld from Timothy's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $117,000 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) $310.00
B) $554.90
C) $439.78
D) $129.78
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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8 years ago
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H3Ko Author
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8 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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