An employee earned $62,400 during the year working for an employer. The FICA tax rate...
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Accounting
An employee earned $62,400 during the year working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. 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 employee must pay?
a.
$101.50
b.
$56.00
c.
$378.00
d.
$434.00
e.
$0.00
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