Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help answer this question Advanced Computer Repair incurred salaries expense of $90,000 for 2024. The payroll tax expense includes employer FICA tax, state unemployment

Please help answer this question
image text in transcribed
image text in transcribed
Advanced Computer Repair incurred salaries expense of $90,000 for 2024. The payroll tax expense includes employer FICA tax, state unemployment tax and federal unemployment tax. Year-to-date eamings do not exceed $132,900. Of the total salaries, $10,800 is subject to unemployment tax. Currently, state unemployment tax is 5.4% and federal unemployment tax is 0.6%. Also, the company provides the following benefits for employees: health insurance (cost to the company. $2,000 ), life insurance (cost to the company, $880 ), and retirement benefits (cost to the company, 5% of salaries expense). What is the amount of the employer provided benefits for the year? A. $14,913.00 B. $7,380.00 C. $7,533.00 Advanced Computer Repair incurred salaries expense of $90,000 for 2024. The payroll tax expense includes employer FICA tax, state unemployment tax and federal unemployment tax. Year - to-date earnings do not exceed $132,900. Of the total salaries, $10,800 is subject to unemployment tax. Currently, state unemployment tax is 5.4% and federal unemployment tax is 0.6%. Also, the company provides the following benefits for employees: health insurance (cost to the company, \$2,000). life insurance (cost to the company. \$8B0), and rotirement benefits (cost to the company, 5% of salaries expense). What is the amount of the employer provided benefits for the year? 8. 31, sou.uU C. 57,533.00 D. $6,500,00

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

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

More Books

Students also viewed these Accounting questions