Question
RJR Roofing has 1,000 employees that are paid $1,000 every other week (they each earn $500 per week). Assume that Social Security and Medicare
RJR Roofing has 1,000 employees that are paid $1,000 every other week (they each earn $500 per week). Assume that Social Security and Medicare taxes are 6.2% and 1.45% respectively, federal and state unemployment taxes are 3% combined (payable on the first $8,000 earned per employee), and employees are subject to 10% federal income tax withholding. What is the total amount of cash that RJR Roofing will ultimately pay related to their first payroll payment of the year?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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