Question: This is a partial payroll register for Harrowing Consulting Firm for the week ending in June 30. Assumed tax rates are as follows: FICA represents
This 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.
Complete the table with the information given

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