Timothy's gross pay for this month is $8,950. His gross year-to-date pay, prior to this month, totaled $110,500. What is the amount of FICA tax withheld from Timothy's pay for this month? (Assume an OASDI rate of 6.2%, applicable on the first $117,000 earnings, and a Medicare rate of 1.45%, applicable on all earnings. Do not round any intermediate calculations, and round your final answer to the nearest cent.)

The amount of FICA tax withheld is $532.78

Explanation:

Earnings subject to tax = $117,000

Earnings for current month = $110,500

Therefore, the money subject to tax = Earnings subject to tax - Earnings for current month = $117,000 - $110,500 = $6500

Gross pay for current month = $8,950

Tax rate OASDI =  OASDI rate × money subject to tax = 6.2% × $6500 = 0.062 × $6500 = $403

Tax rate Medicare = Gross pay for current month  × Medicare rate = $8950 × 1.45% = $8950 × 0.0145 = $129.775

The amount of FICA tax withheld = Tax rate OASDI + Tax rate Medicare =  $403 + $129.775 = $532.78

The amount of FICA tax withheld is $532.78

in terms of experimental research, mcdonald’s charging different prices in the two cities relates to

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