An employee earned $47000 during the year working for an employer.The FICA tax rate for Social Security is 6.2% and the FICA tax ratefor Medicare is 1.45%. The employees annual FICA taxes amountis:$681.50.$2914.00.$3595.50.$7191.00.Zero since the employees pay exceeds the FICA limit.The total amount of cash and other assets received by a corporationfrom its stockholders in exchange for its stock is:
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