Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What am i. doing wrong The following is a payroll sheet for Concord Imports for the month of September. The company is allowed a 1%
What am i. doing wrong
The following is a payroll sheet for Concord Imports for the month of September. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $106,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $106,800 per employee. Name Unemployed Tax Earnings to Aug 31 September Earnings Income Tax Withholding FICA State Federal Jerry Kane 74,000 13,000.00 1,300.00 994.50 994.50 JessieRandle 105,000 19,000.00 1,900.00 387.10 387.10 Javier White 5,700 800.00 80.00 61.20 13.00 10.40 61.20 Jermey Taggle 125,000 19,000.00 1,900.00 852.90 852.90 John Jay 43,100 7,200.00 720.00 550.80 550.80 Joan Short 3,300 1,600.00 160.00 122.40 37.00 29.60 122.40 Total 356,100 60,600.00 6,060.00 2,968.90 50.00 40.00 2,968.90
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