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please answer ASAP (CH 11) An employee earned gross wages of $5,500 on January 7, 2020 working for an employer. The FICA tax rate for
please answer ASAP
(CH 11) An employee earned gross wages of $5,500 on January 7, 2020 working for an employer. The FICA tax rate for Social Security is 6.2% (no employees have hit the year-to-date maximums on social security). The FICA tax rate for Medicare is 145%. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 44%. Both unemployment takes are applied to the first $7,000 of an employee's pay. The employee has $1,000 in federal income taxes withheld. The employee has voluntary deductions for health Insurance of $150 and contributes $75 to a retirement plan each month. What is the amount the employer should record as total employer payroll taxes expense for the January 7th payroll? 5420.75 $275.00 $662.75 $920.75 $695.75 Step by Step Solution
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