Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question Content Area An employee receives an hourly rate of $ 4 5 , with time and a half for all hours worked in excess

Question Content Area
An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $950; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 5.4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000.
Determine the employer's payroll tax expense if: Round your answers to two decimal places.
a. This is the first payroll of the year and the employee has no cumulative earnings for the year to date.
fill in the blank 1 of 2$
b. The employee's cumulative earnings for the year prior to this week equal $6,200.An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week
are as follows: hours worked, 48 ; federal income tax withheld, $950; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment
compensation tax, 5.4% on the first $7,000; federal unemployment compensation tax,0.8% on the first $7,000.
Determine the employer's payroll tax expense if: Round your answers to two decimal places.
a. This is the first payroll of the year and the employee has no cumulative earnings for the year to date.
$
b. The employee's cumulative earnings for the year prior to this week equal $6,200.
$
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

MBA Accounting

Authors: Roger Hussey

1st Edition

0230303374, 9780230303379

More Books

Students also viewed these Accounting questions