Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An employee has an annual salary of $202,000. The employee pays $2800 per year in FSA, $2000 per year in HSA, $800 per year
An employee has an annual salary of $202,000. The employee pays $2800 per year in FSA, $2000 per year in HSA, $800 per year in LFSA, $2500 in DCA, and $2700 per year in health insurance. Calculate the total amount of money that the IRS will receive for this employment in payroll taxes and unemployment insurance. Use the following tax information: SS tax is 6.2% with wage cap of $155,000 Medicare tax is 1.45% FUTA is 8% on first $8,000 and 6.4% credit is given to employer who pays SUTA on time. SUTA is 6.5% with wage cap of $19,500 Assume that the employer does not pay SUTA on time. Assume employee has no tax dependents Assume employee will not prefer high deductible insurance plan Remember to show (type in this document) all the steps and all the calculations. Type or Copy and paste your answer here
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started