From the following information, calculate the payroll tax expense for Gray Company for the payroll of April
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From the following information, calculate the payroll tax expense for Gray Company for the payroll of April 9:
The FICA tax rate for OASDI is 6.2% on the first $127,200 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 earned by each employee. The SUTA tax rate for Gray Company is 5.1% on the first $7,000 of earnings for state unemployment purposes.
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Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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