FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2%
and the FICA tax rate for Medicare is 1.45%. The current FUTA tax 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 total unemployment
taxes the employee must pay?
$0.00
$56.00
O $434.00
O $378.00
$101.50
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Transcribed Image Text:An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax 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 total unemployment taxes the employee must pay? $0.00 $56.00 O $434.00 O $378.00 $101.50
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