PAYROLL PROBLEM The following is information you will need to complete the payroll preblem. The paydate is the first wock of the year: January 7, 2014 There are four (4) hourly employees and Janice Roberts, a salaried exempt employee. The following is the information you need about them NAME REGULAR REGULAR! O.T . EARNINGS SIMPLENET TAXES I TAXES Doe, Johrn Page Heidi Roberts, Janice Smith, Ray 10.70 $9.60 700 Federal Taxes State Taxes City Taxes Social Security Taxes Medicare Taxes FUTA Taxes SUTA Taxes (based on $9000 per 5% 1.50% 6.20% 1.45% 2.50% 4.00% Each employee contributes $50 per week to the SIMPLE Plan. Answer the following questions 1. What law says a company must pay time and one half for all hours worked over 40? 2. What law covers social security and medicare deductions? 3. What is the dollar threshold for each employee for which each employer must pay FUTA taxes? 4. What are FUTA taxes: and what are they used for? 5. What does it mean that Janie Robets is an exempt employee? & What are the employer's taxes? Social Security Medicare FUTA SUTA