Edward Worked at Three Jobs During 2011

question 18

Multiple Choice

Edward worked at three jobs during 2011.He earned $40,000,$37,000,and $9,000 respectively from the jobs and claimed three allowances on each of his W-4s.What is the total amount of FICA (Social Security and Medicare) tax that would have been withheld from Edward's wages?

• A)$4,859
• B)$8,170
• C)$5,332
• D)$1,247
• E)$1,549

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Definitions:

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period.

Investor

An individual or entity that allocates capital with the expectation of receiving financial returns.

Investee

denotes an entity in which another entity holds an interest, typically through investment.

Subsidiary

A company that is controlled by another company, typically referred to as the parent company, through ownership of more than half of its voting stock.