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The Summer Company has two employees, Jane who makes $2250 per week is the company liaison for the government. Mark, who makes $2000 per week
The Summer Company has two employees, Jane who makes $2250 per week is the company liaison for the government. Mark, who makes $2000 per week is the consultant for the job sites. The Company is required to withhold Social Security taxes at a rate of 6.2% on the first $142,800 of earnings, Medicare taxes at 1.45% on all earnings, and Federal Income Taxes at the employees W-4 rates; this has been $670 and $550 for each employee for each of the 13 payroll weeks this year. The Company in addition to withhold taxes incurs payroll taxes of Social Security and Medicare at the same rate as the employees. It is January 31 and you have
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