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Assume the following data for Oriole Adventures for the quarter ended December 31. - Number of employees at the beginning of the year: 8 -
Assume the following data for Oriole Adventures for the quarter ended December 31. - Number of employees at the beginning of the year: 8 - Number of employees for fourth quarter: 10 - Gross earnings $103,600.00 - All employees made over $7,000 in their first quarter of employment, including the two new employees hired in the fourth quarter - Employee FICA taxes $7,925.40 (all wages are subject to Social Security tax) - Federal income tax $18,000.00 - State income tax $23,300.00 - Employer FICA taxes $7.925.40 - Federal unemployment tax $84.00 (only $14,000 of wages are subject to FUTA in the fourth quarter) - State unemployment tax $756.00 (only $14,000 of wages are subject to SUTA in the fourth quarter) - Monthly federal income tax and FICA tax liability: October $4,729.54, November $5,920.76, and December $6,584.54 - Federal income tax and FICA tax total monthly deposits for fourth quarter: $15,484.23 - FUTA deposits for the year $336.00
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