Refer to Exercise 7B-3. If Q. Roberts earned $3,100 for the week instead of $290, what effect
Question:
Refer to Exercise 7B-3. If Q. Roberts earned $3,100 for the week instead of $290, what effect would this change have on the total payroll tax expense?
In Exercise 7B-3
The FICA tax rate for OASDI is 6.2% on the first $117,000 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 earned by each employee. The SUTA tax rate for New is 5.9% on the first $7,000 of earnings for state unemployment purposes.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
College Accounting A Practical Approach Chapters 1-25
ISBN: 9780133791006
13th Edition
Authors: Jeffrey Slater
Question Posted: