Asked by disney. dreams on May 17, 2024
Verified
Loretta has two jobs.She earned $130,000 from her first job and $20,000 from her second job.How much total FICA taxes will Loretta have withheld from her wages from working two jobs?
A) $10,617.00
B) $11,301.40.
C) $11,434.40.
D) $11,475.00.
FICA Taxes
Taxes collected under the Federal Insurance Contributions Act, funding Social Security and Medicare, required to be paid by both employees and employers.
Two Jobs
Working for two distinct employers at the same time, often to increase income through additional work.
Wages
Payments made to employees for services rendered, typically calculated on an hourly, daily, or piecework basis, and subject to income tax.
- Gain insight into the taxation elements of extra wages.
Verified Answer
Learning Objectives
- Gain insight into the taxation elements of extra wages.
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