An Employee Earned $37,000 During the Year Working for an Employer

question 36

Multiple Choice

An employee earned $37,000 during the year working for an employer when the maximum limit for Social Security was $127,200.The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%.The employee's annual FICA taxes amount is:

• A)$2,294.00.
• B)$536.50.
• C)$2,830.50.
• D)$1,757.50.
• E)$8,950.50.

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Definitions:

Bridewealth

A cultural practice where the groom (or his family) pays to the family of the bride, symbolizing the transfer of rights and responsibilities.

Polygamy

The practice of having more than one spouse at the same time, permitted in some cultures and religions but illegal in many countries.

West African Societies

A term referring to the diverse cultures, languages, and political entities found in the region of West Africa, characterized by a rich history of kingdoms and empires.

Linguistic Group

A collection of people who share a common language or dialect.