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how much social security tax is withheld from an employee who earns $3,400 during the current payroll period, and who has earned $131,900 during the year prior to the current pay period, given that the maximum earnings threshold for social security tax is $132,900?

Respuesta :

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Social security tax=$62.When an employee earns $3,400 during in the current paycheck period.

The social security tax is what?

The Federal Contributions to Insurance Act requires all employers to withhold one of two levies, the other being the Social Security levy (FICA). The Medicare Tax is the other. FICA also requires an additional Medicare tax, albeit only for people who earn more than a specific amount.

Who is helped by Social Security?

Older Americans, disabled employees, injured service members, and families who lost a spouse or parent are all helped by Social Security. Not earning the required 40 credits makes a worker ineligible for Social Security.

Briefing:

current period earnings to social security tax =$1,000 ($132,900 maximum earnings threshold for social security tax − $131,900 current payroll period earnings).

The social security tax =$62 ($1,000 current payroll period earnings subject to social security tax × 6.2% social security tax rate).

To know more about Social security tax visit:

https://brainly.com/question/29032156

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