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Streetlight Finance had two employees with the following earnings information: Gross Earnings for Week Employee Jane Harris Robert Thoms Cumulative Earning as of 11/30/20X1 $
Streetlight Finance had two employees with the following earnings information: Gross Earnings for Week Employee Jane Harris Robert Thoms Cumulative Earning as of 11/30/20X1 $ 6,800 $ 140,600 Ending 12/15/20X1 $ 600 $ 4,100 Use the table above to calculate the employer payroll income taxes associated with Robert's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $142,800 of annual wages and the Medicare tax rate is 1.45% on all earnings. State unemployment tax of 5.4% and federal unemployment tax of 0.6% are both levied on only the first $7,000 of each employee's annual earnings
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