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Required Information [The following Information applies to the questions displayed below.] Aspen Ski Resorts has 150 employees, each working 40 hours per week and
Required Information [The following Information applies to the questions displayed below.] Aspen Ski Resorts has 150 employees, each working 40 hours per week and earning $20 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen is that employees are allowed free skling on their days off. Federal Income taxes are withheld at 15% and state Income taxes at 5%. FICA taxes are 7.65% of the first $128,400 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7,000 earned per employee. 2. Compute the total payroll tax expense Aspen Ski Resorts will pay for the first week of January In addition to the total salary expense and employee withholdings calculated In Part 1. Total payroll tax expense
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