In January, gross earnings in Burrell Company were $80,000. The 7.65% FICA tax rate consists of the
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In January, gross earnings in Burrell Company were $80,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $14,000, and state income tax withheld was $1,600.
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Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date: