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Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8,000

Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8,000

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter7: Employee Earnings And Deductions
Section: Chapter Questions
Problem 1E
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Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week. The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8.000
Transcribed Image Text:Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week. The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8.000
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