Triston Vale is paid on a monthly basis. For the month of January of the current year, he earned a total of $5,210. FICA tax for Social Security is 6.2% on the first $127,200 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The 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 amount of Federal Income Tax withheld from his earnings was $885.70. What is the amount of the employer's payroll taxes expenses for this employee?

A. $398.57
B. $1,596.87
C. $711.17
D. $312.60
E. $1,284.27


Answer: C

Business

You might also like to view...

In the CAPM, systematic risk

A. is also known as idiosyncratic risk. B. can be diversified away. C. is also known as market risk. D. is the risk to a stock's return that is not attributable to the fluctuations in the overall stock market.

Business

Which of the following is true of distribution at the decline stage of the product life cycle?

A) Distribution gradually moves from being mostly selective to intensive. B) Main distribution channels are used and alternative channels are dropped. C) Long-channel approaches are facilitated by the high product volumes. D) Distribution is at its most intense in this stage.

Business

Companies that emphasize innovation and creativity are labeled as ________.

A. fortresses B. baseball teams C. clubs D. academies

Business

Capitalizing a cost involves crediting the asset account

Indicate whether the statement is true or false

Business