An employee earned $61,200 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 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 $7000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay?
A. $0.00
B. $434.00
C. $101.50
D. $56.00
E. $378.00
Answer: A
You might also like to view...
A treaty that requires state parties to enact enabling legislation before it becomes effective domestically is known as a ________ treaty
A. bilateral B. dispositive C. constitutional D. non-self-executing
Thurston Company started its business on January 1, Year 1 by issuing $15,000 of common stock. On January 1, the company purchased equipment for $10,500. The equipment is estimated to have a three-year useful life and a $1,500 salvage value. On March 1, Thurston issued a $27,000, 6% five-year note to Community Bank. Customers paid Thurston $54,000 for services performed in Year 1. The company paid $33,000 for operating expenses, and paid a $900 dividend to the stockholders. At year-end, Thurston recognized interest expense on the note and depreciation expense on the equipment.Required:a) What is the amount of interest expense Thurston will recognize in Year 1?b) What is the book (carrying) value of the equipment at the end of Year 1?c) What is the net income for Year 1?d) Prepare a
balance sheet as of the end of Year 1. What will be an ideal response?
An implied contract is shown by: A) ?a writing
B) ?the acts and conduct of the parties. C) ?statements made in open court. D) ?an exchange of oral promises.
IaaS, AaaS and other ________-based offerings allow the rapid diffusion of advanced analysis tools among users, without significant investment in technology acquisition
Fill in the blanks with correct word