Question
Using the information following information, what is the employer's payroll tax expense for the week, assuming that Stanley is the only employee? During the first
Using the information following information, what is the employer's payroll tax expense for the week, assuming that Stanley is the only employee? During the first week of February, Stanley earned $300. Assume that FICA taxes are 7.65 percent of wages up to $106,800, state unemployment tax is 5.0 percent of wages up to $13,000, and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Stanley has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6, respectively.
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