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The chief executive officer earns $20,000 per month. As of June 30, her gross pay was $120,000. The tax rate for Social Security is 6.2% of the first $127,200 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 4.4%. 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 July
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The chief executive officer earns $20,000 per month. As of June 30, her gross pay was $120,000. The...
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