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just need answer to FICA! Below is a payroll sheet for Marin Import Company for the month of September 2017. The company is allowed a
just need answer to FICA!
Below is a payroll sheet for Marin Import Company for the month of September 2017. The company is allowed a 1% unemployment compensation rate by the state: the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $118,500. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $118,500 per employee. Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.)Step by Step Solution
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