An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $127,200 of employee earnings per 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. What is the amount of total unemployment taxes the employee must pay?
A. $56.00
B. $0.00
C. $420.00
D. $378.00
E. $42.00
Answer: B
You might also like to view...
"Dennis, we have the organization, the manpower, and the marketing to deliver the technology to our customers; however, we don't own the patent upon which the technology will be based," argued Austin. "TriGroup, the patent owner, is too small to commercialize any technologies. Significant effort will be required to convert the patent into a viable technology. Buying the patent or TriGroup would be too expensive. I recommend that, instead, we form a ________ to jointly develop the technology."
A. franchise B. purchase agreement C. research partnership D. coalition E. co-optation
On the day Harry was born, his parents put $1200 into an investment account that promises to pay a fixed interest rate of 6 percent per year. How much money will Harry have in this account when he turns 21?
A) $3263 B) $4079 C) $8158 D) $3766
Method overloading means that:
A) the same method may be defined differently in inherited classes. B) the same method may be defined more than once in a given class. C) the method may have parameters passed to it from more than one relating class. D) the method may be used on different platforms, such as a server or client computer.
Rotonga Manufacturing Company leases a vehicle to deliver its finished products to customers. Which of the following terms correctly describes the monthly lease payments made on the delivery vehicle?
A.
| Direct Cost | Fixed Cost |
| Yes | Yes |
B.
| Direct Cost | Fixed Cost |
| Yes | No |
C.
| Direct Cost | Fixed Cost |
| No | No |
D.
| Direct Cost | Fixed Cost |
| No | Yes |