Wishing Well Works makes outdoor statuary, and operates in the state of Washington. Payroll taxes consist...
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Wishing Well Works makes outdoor statuary, and operates in the state of Washington. Payroll taxes consist of FICA (8% collected from workers and 8% collected from the employers, up to an annual wage limit of $120,000), and Federal Income Tax at the flat rate of 20%. Also the FUTA tax rate is 1%, with an annual wage limit of $100,000. The company has only one employee who earns a monthly salary of $100,000. What dollar amount of Federal Income taxes is withheld from the employee's salary in the month of January? Wishing Well Works makes outdoor statuary, and operates in the state of Washington. Payroll taxes consist of FICA (8% collected from workers and 8% collected from the employers, up to an annual wage limit of $120,000), and Federal Income Tax at the flat rate of 20%. Also the FUTA tax rate is 1%, with an annual wage limit of $100,000. The company has only one employee who earns a monthly salary of $100,000. What dollar amount of Federal Income taxes is withheld from the employee's salary in the month of January?
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Posted Date:
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