An employee earns $5,500 per month working for an employer. The FICA tax rate for Social...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128.400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $182 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January? O $841.50 O $750.75 $602.75 O $420.75 O $464.75 An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128.400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $182 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January? O $841.50 O $750.75 $602.75 O $420.75 O $464.75
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Mimi had $ 40,000 in federal income taxes withheld in 2013. Because of a sizable amount of itemized deductions, she figured that she had no further tax to pay for the year. For this reason and...
-
Mimi had $40,000 in federal income taxes withheld in 2016. Because of a sizable amount of itemized deductions, she figured that she had no further tax to pay for the year. For this reason and because...
-
Mimi had $40,000 in federal income taxes withheld in 2019. Because of a sizable amount of itemized deductions, she figured that she had no further tax to pay for the year. For this reason and because...
-
Marketing efforts to produce, promote, and reclaim environmentally sensitive products are called ________________ .
-
Why is the establishment of a credit shelter trust fund considered a good estate planning technique?
-
At a certain factory, it is determined that an output of Q units is to be expected when L worker-hours of labor are employed, where a. Find the average rate of change of output as the labor...
-
Determine the slope at \(A\). The A992 steel beam has a moment of inertia of \(I=125\left(10^{6} ight) \mathrm{mm}^{4}\). 18 kNm A -4 m- D B3m 3m 4m m- 18 kNm
-
Kelsey Drums, Inc., is a well-established supplier of fine percussion instruments to orchestras all over the United States. The companys class A common stock has paid a dividend of $5.00 per share...
-
What are automatic stabilisers? Explain how they operate in the different phases of the business cycle to stabilise the economy (GDP growth). Are automatic stabilisers sufficient to dampen...
-
Lombard Ltd has been offered a contract for which there is available production capacity. The contract is for 20,000 identical items, manufactured by an intricate assembly operation, to be produced...
-
1) Write a Java Program in which you are going to create a game to guess a number. You will create a program that will generate a random number between 0 and 100. Depending on the number entered by...
-
If a company has total sales of forty six thousand dollars in 2023 and total sales of nine thousand in 2022, how would an analyst calculate the horizontal analysis in dollars?
-
Nuperk, Inc uses a process costing system. Assembly is the the first process. They add all the raw materials needed for production at the beginning of the process. The following production...
-
Purchased a truck for $15,000. In 2019, he claimed a $3,000 Sec. 179 deduction and began depreciating the truck. He sold the truck in 2022 for $13,000. Prior to the sale, Ben claimed MACRS deductions...
-
Tandex Corporation reported $175,000 of salaries expense on its income statement. The beginning and ending salaries payable amounts are $55,000 and $60,000, respectively. If Tandex uses the direct...
-
Asbury Coffee Enterprises (ACE) manufactures two models of coffee grinders: Personal and Commercial. The Personal grinders have a smaller capacity and are less durable than the Commercial grinders....
-
Roster and Game Schedule You need to obtain a roster consisting of 20 players. They must be real players in the basketball league. You have to include their salary, their position, and how long they...
-
The first national bank pays a 4% interest rate compound continuously. The effective annual rate paid by the bank is __________. a. 4.16% b. 4.20% c. 4.08% d. 4.12%
-
The following transactions of Jacks Auto Supply occurred in November (Balances as of November 1 are given for general ledger and accounts receivable ledger accounts: Danielson $400 Dr.; Wallace $550...
-
Black Company, which is a medium-sized firm, uses a voucher system. Record each of the following entries in general journal form. Assume that Black Company records all vouchers at gross: 201X July 6...
-
Wendy Ellis operates a wholesale computer center. The account balances as of October 1, 201X, are as follows. If using working papers, be sure to put in beginning balances. Your tasks are to do the...
-
True or False. The phase angle of the response depends on the system parameters \(m, c, k\), and \(\omega\).
-
True or False. The phase angle of the response depends on the amplitude of the forcing function.
-
True or False. The \(Q\)-factor can be used to estimate the damping in a system.
Study smarter with the SolutionInn App