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Compute the FICA Taxes for Both Employee and Employer Given

Question 45

Essay

Compute the FICA taxes for both employee and employer given the following independent scenarios for The Fish House:
1. The gross payroll total for all employees this month is $30,000. Assume that all employees' wages fall below the Social Security limit.
2. The gross payroll total for all employees this month is $30,000. The amount of employees' wages that fall below the Social Security limit is $25,000.

Correct Answer:

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