An employee earns $5,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $182 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January?
A. $750.75
B. $841.50
C. $464.75
D. $602.75
E. $420.75
Answer: A
You might also like to view...
Louis Company is considering replacing its multi-functional copier system with a new system. Which costs would be relevant to its decision and which costs would be irrelevant?
What will be an ideal response?
What type of problem is occurring when identification of issues surrounding the problem and solutions to the problem both are unclear?
A. an adaptive challenge B. a technical challenge C. a technical and adaptive challenge D. a non-challenge
What is unique about the copy and images used in developing a social media campaign relative to other forms of IMC?
A. They must appear only in color (not black and white). B. They need to be humorous. C. They need to feature only young actors. D. They need to be updated almost constantly. E. They must appeal to a diverse, multicultural audience.
The Consumer Product Safety Commission is ________
A) a communion of two state-funded regulatory bodies working together to ensure consumer safety B) a federal body created to ensure the safety of a few consumer products like motor vehicles, boats, aircraft, and firearms C) an independent federal administrative agency that regulates potentially dangerous consumer products D) a federal agency working to ensure product safety standards for food, poultry, medicines, and medical devices