An Employee Earned $62,500 During the Year Working for an Employer.The

question 121

Multiple Choice

An employee earned $62,500 during the year working for an employer.The FICA tax rate for Social Security is 6.2% of the first $127,200 of employee earnings per 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 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 employer must pay?

• A)$42.00
• B)$420.00
• C)$378.00
• D)$375.00
• E)$0.00

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Definitions:

Sample Mean

The average of a set of numerical values, calculated by summing the values and then dividing by the number of observations.

Skewed

A description of data or a distribution that is not symmetrical, indicating that it leans towards one side, either to the right (positively skewed) or to the left (negatively skewed).

Motor Skill

The ability to perform movements and tasks using the muscles in the body.

Symmetric

A property of a shape or function that indicates balance and evenness, such that the shape or function mirrors itself across a central point or axis.