Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Jerry Little's gross wages as of October 31 were $110,000. He earned gross wages of $4,000 for the pay period ended November 15, 2019.
Jerry Little's gross wages as of October 31 were $110,000. He earned gross wages of $4,000 for the pay period ended November 15, 2019. Deducted from his paycheck this period, were federal income taxes of $400, state income taxes of $150, social security of 6.2% on the first $122,700 and Medicare tax of 1.45%. State Unemployment Tax Is 4%, and Federal Unemployment tax is 0.6% on the first $7,000 of annual earnings. Calculate the employer payroll income taxes associated with Jerry's November 15 paycheck.
Step by Step Solution
★★★★★
3.40 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
Lets break down the employer payroll income taxes associated with Jerrys November 15 paycheck Social ...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