Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to federal and state unemployment taxes was $24,000. Assume all wages were subject to FICA taxes. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000.
Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to federal and state unemployment taxes was $24,000. Assume all wages were subject to FICA taxes. Tax rates are as follows: Social security 6.0% Medicare 1.5 State unemployment 5.3 Federal unemployment 0.8 The total amount withheld from employee wages for federal income taxes was $32,000.
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 3E
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