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 employer must pay?
A. $420.00
B. $0.00
C. $375.00
D. $42.00
E. $378.00
Answer: A
You might also like to view...
If the straight-line method of amortization is used, the amount of unamortized premium on bonds payable willdecrease as the bonds approach maturity
a. True b. False Indicate whether the statement is true or false
Offering training and development to employees generally ______ expensive turnover.
A. negates B. increases C. decreases D. remediates
Operations standards are most rigid and the choice of suppliers is most restricted in which ownership and management alternative?
a. franchise b. buying an existing business c. starting a new business d. partnership
A ________ probability distribution indicates the probability of r successes in n trials
A) joint B) subjective C) marginal D) binomial