Answered step by step
Verified Expert Solution
Question
1 Approved Answer
An employee recelves an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll
An employee recelves an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal incorne tax withheld, $950; social security tax rate, 6.0%; Medicare tax rato, 1,5\%; state unemployment compensation tax, 5.4%, on the first \$7,000: federal unemployment compensation tax, 0.8% on the first $7,000. Determine the employer's payroli tax expense if: Round your answers to two decimal places. a. This is the first payroll of the year and the employee has no cumulative eamings for the year to date. b. The employee's cumulative earnings for the year prior to this week equal $6,200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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