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In January, the payroll supervisor determines that gross earnings for Carlyle Company are $120,000. All earnings are subject to 7.65% FICA taxes (the 7.65%
In January, the payroll supervisor determines that gross earnings for Carlyle Company are $120,000. All earnings are subject to 7.65% FICA taxes (the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate a 1.45% on all salaries and wages), 5.4% state unemployment taxes, and 0.6% federal unemploymen taxes.
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College Accounting
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
11th edition
978-1111528300, 1111528128, 1111528306, 978-1111528126
