Question 23 Wishing Well Works makes outdoor statuary, and operates in the state of Washington. Payroll...
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Question 23 Wishing Well Works makes outdoor statuary, and operates in the state of Washington. Payroll taxes consist of FICA (8% collected from workers and 8% collected from the employers, up to an annual wage limit of $120,000), and Federal Income Tax at the flat rate of 20%. Also the FUTA tax rate is 1%, with an annual wage limit of $100,000. The company has only one employee who earns a monthly salary of $100,000. What is the dollar amount of Payroll Tax Expense for the month of January? Question 23 Wishing Well Works makes outdoor statuary, and operates in the state of Washington. Payroll taxes consist of FICA (8% collected from workers and 8% collected from the employers, up to an annual wage limit of $120,000), and Federal Income Tax at the flat rate of 20%. Also the FUTA tax rate is 1%, with an annual wage limit of $100,000. The company has only one employee who earns a monthly salary of $100,000. What is the dollar amount of Payroll Tax Expense for the month of January?
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