An employee has an annual salary of $202,000. The employee pays $2800 per year in FSA,...

 

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An employee has an annual salary of $202,000. The employee pays $2800 per year in FSA, $2000 per year in HSA, $800 per year in LFSA, $2500 in DCA, and $2700 per year in health insurance. Calculate the total amount of money that the IRS will receive for this employment in payroll taxes and unemployment insurance. Use the following tax information: SS tax is 6.2% of first $128,600 Medicare tax is 1.45 % FUTA is 8% on first $8,000 and 6.4% credit is given to employer who pays SUTA on time. SUTA is 6.5% on first $10,500 Assume that the employer does not pay SUTA on time. Assume employee has no tax dependents Assume employee will make the best use of all health/benefit accounts. An employee has an annual salary of $202,000. The employee pays $2800 per year in FSA, $2000 per year in HSA, $800 per year in LFSA, $2500 in DCA, and $2700 per year in health insurance. Calculate the total amount of money that the IRS will receive for this employment in payroll taxes and unemployment insurance. Use the following tax information: SS tax is 6.2% of first $128,600 Medicare tax is 1.45 % FUTA is 8% on first $8,000 and 6.4% credit is given to employer who pays SUTA on time. SUTA is 6.5% on first $10,500 Assume that the employer does not pay SUTA on time. Assume employee has no tax dependents Assume employee will make the best use of all health/benefit accounts.

Answer rating: 100% (QA)

As SUTA not being on time so SUTA deducted from employee and also from emplo... View the full answer