Mr. Li is employed by BDF Incorporated. Assume that in the year 2023, the Social Security base amount increases to $150,000. Required: Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $60,000. Compute BDF’s 2023

Mr. Li is employed by BDF Incorporated. Assume that in the year 2023, the Social Security base amount increases to $150,000. Required: Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $60,000. Compute BDF’s 2023

PAYROLL ACCT.,2019 ED.(LL)-TEXT

19th Edition

ISBN:9781337619783

Author:BIEG

Publisher:BIEG

Chapter3: Social Security Taxes

Section: Chapter Questions

Problem 1QD: During the year, employee Sean Matthews earned wages in the amount of 250,000. Discuss how the...

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Question

Mr. Li is employed by BDF Incorporated. Assume that in the year 2023, the Social Security base amount increases to $150,000.

Required:

Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $60,000.
Compute BDF’s 2023 employer payroll tax with respect to Mr. Li assuming that his annual compensation is $200,000.

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