Asteria Earned a $26,200 Salary as an Employee in 2020

question 164

Multiple Choice

Asteria earned a $26,200 salary as an employee in 2020. How much should her employer have withheld from her paycheck for FICA taxes? (Round your answer to the nearest whole dollar amount.)

• A)$380
• B)$1,624
• C)$2,004
• D)$4,009

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Definitions:

U.S. Steel Case

The antitrust action brought by the federal government against the U.S. Steel Corporation in which the courts ruled (in 1920) that only unreasonable restraints of trade were illegal and that size and the possession of monopoly power were not by themselves violations of the antitrust laws.

DuPont Cellophane

A branded version of cellophane, originally developed and marketed by the DuPont company, used for packaging and other applications.

Sherman Act

A landmark U.S. legislation passed in 1890 aimed at promoting competition among businesses by prohibiting monopolies and restrictive trade practices.

Standard Oil Case

A landmark U.S. legal case from 1911 that resulted in the breakup of the Standard Oil Company due to its monopolistic practices.