RNG Co. has one employee, and the company is subject to the following taxes. Compute RNGs amounts

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RNG Co. has one employee, and the company is subject to the following taxes.

Compute RNG€™s amounts for each of these four taxes as applied to the employee€™s gross earnings for September under each of three separate situations (a), (b), and (c).

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Financial Accounting with IFRS Fold Out Primer

ISBN: 978-0077413804

5th edition

Authors: John Wild

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Question Posted: Mar 18, 2015 10:51 AM

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RNG Co. has one employee, and the company is subject to the following taxes. Compute RNGs amounts

Question:

Rate Appled To 6.20% First $106,800 45 All gross pay Tax FICA-Social Security.... FICA-Medicare FUTA SUTA 0.80 Flrst $7.000 2.90 First $7,000 Gross Pay Gross through Pay for August September a. 5,900$2,100 2,500 7400 17,700 .17.700 C.100,500

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Subject to Tax Rate Tax Explanation a FICASocial Security 2100 620 ...View the full answer

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