Assume That the Last Payroll Period for the Year Ends

question 78

True/False

Assume that the last payroll period for the year ends on December 26. Prior to the last payroll period, Roger's cumulative earnings are $67,500. If the Social Security tax is 6.2 percent of the first $113,700 and the Medicare tax is 1.45 percent of all earnings, then Roger's deduction for total FICA taxes on the $5,200 gross earnings for the last payroll period would be $322.40.

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Filter

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