Compute the biweekly fica tax on a gross annual salary of, Financial Management

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Compute the biweekly fica tax on a gross annual salary of

Compute the biweekly FICA tax on a gross annual salary of $163851. Use the following information:

The Social Security tax rate is 6.2% on the first $127,200 in gross income earned. The Medicare tax rate is: 1.45% on the first $200,000 in gross income earned, and 2.35% on any amount in excess of $200,000. Round answer to the nearest dollar.

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