Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Q1 An employee has an annual salary of $189.000. The employee pays $2000 per year in FSA, $2000 per year in HSA, $2500 in DCA,

image text in transcribed
Q1 An employee has an annual salary of $189.000. The employee pays $2000 per year in FSA, $2000 per year in HSA, $2500 in DCA, and $2700 per year in health insurance. Calculate the total amount of money that the IRS will receive for this employment in payroll taxes and unemployment insurance. Use the following tax information: SS tax is 6.2% of first $132.900 Medicare tax is 1.45 % FUTA is 8% on first $8,000 and 5.4% credit is given to employer who pays SUTA on time. SUTA is 2.5% on first $10,500 Assume that the employer does not pay SUTA on time. (8 points)

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

The Operational Auditing Handbook Auditing Business Processes

Authors: Andrew Chambers, Graham Rand

1st Edition

0471970603, 978-0471970606

More Books

Students also viewed these Accounting questions