At the end of the weekly payroll period on June 30, the payroll register of Known Consultants
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At the end of the weekly payroll period on June 30, the payroll register of Known Consultants showed employee earnings of $50,000. Determine the firm’s payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,000 subject to FUTA and SUTA taxes.
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781260780352
5th Edition
Authors: David Haddock, John Price, Michael Farina
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