Question
Time remaining: 4:02:01 [The following information applies to the questions displayed below.] Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees well-being.
Time remaining: 4:02:01
[The following information applies to the questions displayed below.]
Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employees cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. |
Wages and salaries | $ 1,850,000 | |||||
Employee contribution to voluntary retirement plan | 92,500 | |||||
Medical insurance premiums paid by employer | 37,000 | |||||
Dental insurance premiums paid by employer | 12,950 | |||||
Life insurance premiums paid by employer | 6,475 | |||||
Federal and state income tax withheld | 397,750 | |||||
FICA tax rate | 7.65 % | |||||
Federal and state unemployment tax rate | 6.20 % | |||||
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