27. Using the information below, determine the amount of the payroll tax expense for B. Harper Company. In your answer list the amounts for FICA (OASDI and Medicare), SUTA, FUTA and the total. Taxable Earnings Employee K. Addington $500 K. Wilcox 450 T. Sharma 350 Assume: Fed FICA tax rates are: OASDI 6.2% on a limit of $102,000 and Medicare 1.45% State Unemployment tax rate is 5.0% on the first $7,000 Federal Unemployment tax rate is 0.8% on the first $7,000 ANSWER: FICA-Social Security FICA-Medicare SUTA FUTA Total
27. Using the information below, determine the amount of the payroll tax expense for B. Harper Company. In your answer list the amounts for FICA (OASDI and Medicare), SUTA, FUTA and the total. Taxable Earnings Employee K. Addington $500 K. Wilcox 450 T. Sharma 350 Assume: Fed FICA tax rates are: OASDI 6.2% on a limit of $102,000 and Medicare 1.45% State Unemployment tax rate is 5.0% on the first $7,000 Federal Unemployment tax rate is 0.8% on the first $7,000 ANSWER: FICA-Social Security FICA-Medicare SUTA FUTA Total
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 1PA
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