Question
Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Federal income taxes $63,000 Social Security
Payroll Taxes
Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld:
| Federal income taxes | $63,000 |
| Social Security | 31,000 |
| Medicare | 7,250 |
| Charitable contributions | 1% of gross pay |
| Union dues | 2% of gross pay |
Also, the federal unemployment tax rate is 6.2% and applies to all but $50,000 of the gross payroll.
What is the federal unemployment tax expense?
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Acca Paper 3.1 Audit And Assurance
Authors: N/a
1st Edition
075172680X, 978-0751726800
