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64 . An employee earned $47,000 during the year working for an employer. The FICA tax for social security is 6.2% and the FICA tax

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64 . An employee earned $47,000 during the year working for an employer. The FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%. The employee's share of FICA taxes is: A) $ 681.50. B) $2,914.00. C) $3,595.50. $7,191.00. E) Zero, since the employee's pay exceeds the FICA limit. 65. Employers: A) Pay FICA taxes in equal amount to the FICA taxes withheld from the employees. B) Withhold employees' FICA taxes. C) Pay unemployment taxes to the federal government. D) Pay unemployment taxes to both the state and federal governments. E) All of the above. 66. FUTA taxes are: A) Social Security taxes. B) Medicare taxes. Employee income taxes. D) Unemployment taxes E) Employee deductions. 67. The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned 58,900. What is the amount of total unemployment taxes the employer must pay on this employee's wages? A) $322.00 B) $434.00 C) S480.60. D) $551.80 E) Zero, since the employee's wages exceed the maximum of $7,000 68. Employees eam vacation pay at the rate of one day per month. During July, 25 employees qualify for one vacation day each. Their average daily wage is $100 per day. What is the amount of vacation benefit expense for the month of July? A) $ 25 B) S 100 C) $ 1,200 D) $ 2.500 E) $ 30,000 69. Maryland Company offers a bonus plan to its employees equal to 3% of net income. Maryland's net income is expected to be $960,000. The amount of the employee bonus expense is estimated to be A) $ 27,961 B) $ 28,800 C) $ 29,000 D) $ 29,691 E) $ 30,000 70. Employers' responsibilities for payroll include: A) Providing each employee with an annual report of his or her wags subject to FICA and federal income taxes along with the amount of these taxes withheld. B) Filing Form 941, the Employer's Quarterly Federal Tax Return. Filing Form 940, the Annual Federal Unemployment Tax Return D) Individual earnings records for each employee. E) All of the above

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