Hollow Company provides you with following information for two of its employees. The company is subject to the following taxes.TaxRateApplied ToFICA-Social Security6.20%First $127,200FICA-Medicare1.45%All gross payFUTA0.60%First $7,000SUTA3.20%First $7,000Compute amounts for each of these four taxes as applied to each employee's gross earnings for November.Gross Pay through OctoberGross Pay for Novembera. $6,400$2,000b. $120,700$9,400
What will be an ideal response?
| a. | Wages Subject To Tax | Rate | Taxes |
| FICA-Social Security | $2,000 | 6.20% | $124.00 |
| FICA-Medicare | 2,000 | 1.45 | 29.00 |
| FUTA | 600 | 0.60 | 3.60 |
| SUTA | 600 | 3.20 | 19.20 |
| b. | Wages Subject To Tax | Rate | Taxes |
| FICA-Social Security | $6,500 | 6.20% | $403.00 |
| FICA-Medicare | 9,400 | 1.45 | 136.30 |
| FUTA | 0 | 0.60 | .00 |
| SUTA | 0 | 3.20 | .00 |
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What will be an ideal response?
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What will be an ideal response?