Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The total wage expense for Kiln Co. was $152,000. Of this total, $34,000 was above the OASDI wage base limit and not subject to this
The total wage expense for Kiln Co. was $152,000. Of this total, $34,000 was above the OASDI wage base limit and not subject to this tax. All earnings are subject to Medicare taxes, and $62,000 was above the federal and state unemployment wage base limits and not subject to unemployment taxes. Please calculate and journalize the total payroll tax expense for Kiln Co. given the following rates and wage base limits: (Click the icon to view the rates and wage base limits.) Calculate the total payroll tax expense for Kiln Co. More Info FICA - OASDI FICA - Medicare FUTA SUTA a. FICA tax rate: OASDI, 6.2% with a wage base limit of $127,200; Medicare, 1.45% with no wage base limit b. State unemployment tax rate 5.4% with a wage base limit of $7,000 c. Federal unemployment tax rate (after credit): 0.6% with a wage base limit of $7,000 Total Print Done
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started