Calculate the Total Amount of FICA Withholding for an Employee

question 200

Essay

Calculate the total amount of FICA withholding for an employee whose pay is $2,400 for the first pay period of the year. The tax rate for FICA-Social Security is 6.2% of the first $118,500 of employee earnings per calendar year and the tax rate for FICA-Medicare is 1.45% of all earnings.

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Definitions:

Internal Communication

The exchange of information and ideas within an organization among its employees and management.

Messaging Outcomes

The results or effects achieved from a communication strategy's messaging, including changes in awareness, attitude, or behavior among the target audience.

Intranets

Private networks used within an organization to securely share company information, collaborate, and communicate among employees.

Internal Communications

The strategies and methods used by an organization to facilitate effective and efficient communication among its employees.