Given the information below, what are the Assistant Project Manager's wages that are subject to payroll...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Given the information below, what are the Assistant Project Manager's wages that are subject to payroll taxes? . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance • Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . . (FUTA) Company can take the full 5.4% credit against the FUTA liability . Company's compensation insurance rate is $2.04 per $100 in wages . Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan . . Given the information below, what are the Assistant Project Manager's wages that are subject to payroll taxes? . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance • Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . . (FUTA) Company can take the full 5.4% credit against the FUTA liability . Company's compensation insurance rate is $2.04 per $100 in wages . Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan . .
Expert Answer:
Related Book For
Managing in a Global Economy Demystifying International Macroeconomics
ISBN: 978-1285055428
2nd edition
Authors: John E. Marthinsen
Posted Date:
Students also viewed these accounting questions
-
Given the information below estimate the inflation rate with the approximation formula and the true inflation with the Fisher Effectformula. Approximate Nominal Rate Real Rate 5% 2% 14% 1.25%...
-
Given the information below for Seger Corporation, compute the expected share price at the end of 2008 using price ratioanalysis. Year Price EPS CFPS SPS 2003 94.50 4.34 7.27 52.60 2005 $99.10 5.22...
-
Given the information below for HooYah! Corporation, compute the expected share price at the end of 2009 using price ratioanalysis. Year Price EPS CFPS 2003 8.00 -4.00 -9.00 5.00 2004 44.50 -3.30...
-
A population of Ecuadorians have short stature. They have a rare genetic defect that affects the body's response to growth horm one, called Laron syndrome. Recent genetic studies have dem onstrated...
-
The electrons in the beam of a television tube have a kinetic energy of 2.40 10-15J. Initially, the electrons move horizontally from west to east. The vertical component of the earths magnetic field...
-
A 4-year, 8%, $40,000 note payable was issued on January 1, Year 1. The maker is required to pay $10,000 plus interest on December 31 of every year for the next four years. What amount should be...
-
Explain the two major types of measure used in conventional accounting and ecological accounting. When consideration is given to environmental issues in accounting, what are the two main groups of...
-
Assume that the Clampton Company in the previous problem expects to pay income taxes of 40 percent and that a loss on the sale or disposal of equipment is treated as an ordinary deduction, resulting...
-
Discuss changes to the social security system that were made during 2020. Discuss the potential range of future changes to social security. Discuss how potential future changes might affect Jill and...
-
Fill in the missing reagents below. Me OEt ?| Br Me SH OEt OMe OEt CN
-
Thomas is trying to decide which credit card to apply for. He has just received some advertising from several large credit card companies, some of which feature low introductory rates. He has...
-
During a recent year, the average U.S. diners spent a month on food prepared outside the home was \($144\) . What is meant by a biased sample? determine whether descriptive or inferential statistics...
-
Fill in the Blank. The Duhamel integral is also known as the ___________ integral.
-
In each of the following, name the term defined or answer the question. Answers are listed at the bottom. 1. This is a part of an organization that takes inputs and transforms them into outputs. 2....
-
Match the following characteristics with their relevant project team organizational structures: The project is housed within a functional division of the firm. A project manager leads personnel from...
-
The Internal Revenue Service wants to sample 1000 tax returns that were submitted last year to determine the percentage of returns that had a refund. Describe a sampling method that would be...
-
Identify the fallacy in affect & FIND THE ONE statement that is NOT (free) [7pts] a. Joseph prayed for a snow day, the next day it snowed and school was cancelled, God answered his prayers_ b. The...
-
For each of the following transactions, indicate whether it increases, decreases, or has no effect on the following financial ratios: current ratio, debt-to-equity ratio, profit margin ratio, and...
-
Which of the following statements (there could be more than one) is correct? If a statement is incorrect, provide a corrected version. a. To calculate the monetary base, one must add currency held...
-
What factors affect the steepness of the AS curve?
-
In the early 2000s, South Africa's gross saving rate was about 16%, but some economists felt that the country needed a saving rate of about 22% to make a dent in black poverty. Explain how an...
-
What is the purpose of calculating inventory turnover? What is the relationship between inventory turnover and average days in inventory?
-
When should inventory be reported at a value other than cost?
-
From the data in question 5.5, what is the cost of the ending inventory under LIFO? LO5 (a) $113 000. (b) $108 000. (c) $99 000. (d) $100 000.
Study smarter with the SolutionInn App