An employee earned $60,600 during the year working for an employer. The Federal Insurance Contributions Act...
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An employee earned $60,600 during the year working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of employee earnings per calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (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 employee must pay? Multiple Choice $101.50 $378.00 $0.00 $434.00 An employee earned $60,600 during the year working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of employee earnings per calendar year, and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (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 employee must pay? Multiple Choice $101.50 $378.00 $0.00 $434.00
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Correct answer 000 Employer is liable to pay unemployment t... View the full answer
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Posted Date:
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