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An employee earned $61,500 during the year working for an employer. The FICA tax rate for...

Question

An employee earned $61,500 during the year working for an employer. The FICA tax rate for...

An employee earned $61,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 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 employee must pay?

Answers

Tax Unemployment taxes Earning Tax rate FUTA $7,000 0.60% SUTA $7,000 5.40% $42 $378 Total $420

Formulas

Tax Unemployment taxes FUTA SUTA Earning 7000 7000 Tax rate 0.006 0.054 =C3*D3 =C4*D4 Total =SUM(E3:E4)


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