Below is a partial payroll register for Harrowing Consulting Firm for the week ending in June 30.
Fantastic news! We've Found the answer you've been seeking!
Question:
Below is a partial payroll register for Harrowing Consulting Firm for the week ending in June 30. Assumed tax rates are as follows:
FICA represents the Social Security & Medicare amounts combined.
- The Social Security tax rate is 6.2 percent. Taxable earnings for Social Security are based on the first $142,800
- The Medicare tax rate is 1.45 percent. Taxable earnings for Medicare are based on all earnings.
SUTA
- State unemployment tax, 5.4 percent (0.054) on the first $7,000 for each employee.
FUTA
- Federal unemployment tax, 0.6 percent (0.006) on the first $7,000 for each employee.
Related Book For
Posted Date: