Suppose Jim worked 72 hours during this payroll period and is paid $14.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and withholding tax is 10%.

1. Calculate Jim's net paycheck for the period.

2. Calculate Jim's employer's payroll tax expense for the period.

3. Calculate Jim's employer's total payroll tax liability for the period.

Answer rating: 100% (QA)

Concepts and reason Tax A tax may be defined as an involuntary contribution from individuals or corporations as required by law with the purpose of ra... View the full answer