Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oates Company's payroll for the week ending January 15 amounted to $150,000. The following deductions were withheld from employees' salaries and wages; Federal Income Tax

image text in transcribed

Oates Company's payroll for the week ending January 15 amounted to $150,000. The following deductions were withheld from employees' salaries and wages; Federal Income Tax $ 30,300 State Income Tax 6,600 FICA Taxes 12,000 Union Dues 1,800 United Fund 1,200 Financial unemployment tax (FUTA) rate is .8% and the state unemployment tax (SUTA) rate is 5.4%. Of the Gross pay of $150,000, $75,000 was not subject to state and federal unemployment taxes. How much is net Pay? a) $150,000 b) $98,100 c) $99,300 d) $101,100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance The Basics

Authors: Erik Banks

1st Edition

0415384575, 9780415384575

More Books

Students also viewed these Accounting questions