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Assume a tax rate of 62 for social security on 113700 and

Question - Matty Kim, an accountant for Vernitron, earned $109,300 from January to June. In July Matty earned $20,000. Assume a tax rate of 6.2 for Social Security on $113,700 and 1.45% on Medicare. How much is the July FICA tax?

Please show all steps and calculations.

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Accounting Basics: Assume a tax rate of 62 for social security on 113700 and

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Accounting Basics: Assume a tax rate of 62 for social security on 113700 and

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