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1 Amy Prince earns $42,000 per year and is paid once a month. For January, she had $198 withheld from her pay for federal income taxes, and $57 withheld for health insurance. Social Security tax is 6.2% on a maximum of $142,800 of gross wages per year, and Medicare tax is 1.45%; the federal unemployment tax rate is 0.6% and state unemployment tax rate is 4.2%, both on a maximum of $7,000 of gross wages per year. What is the total employer payroll tax expense for Amy's January paycheck? Multiple Choice О $168.00 $435.75 $414.75 $267.75

1 Amy Prince earns $42,000 per year and is paid once a month. For January, she had $198 withheld from her pay for federal income taxes, and $57 withheld for health insurance. Social Security tax is 6.2% on a maximum of $142,800 of gross wages per year, and Medicare tax is 1.45%; the federal unemployment tax rate is 0.6% and state unemployment tax rate is 4.2%, both on a maximum of $7,000 of gross wages per year. What is the total employer payroll tax expense for Amy's January paycheck? Multiple Choice О $168.00 $435.75 $414.75 $267.75

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1 Amy Prince earns $42,000 per year and is paid once a month. For January, she had $198 withheld from her pay for federal income taxes, and $57 withheld for health insurance. Social Security tax is 6.2% on a maximum of $142,800 of gross wages per year, and Medicare tax is 1.45%; the federal unemployment tax rate is 0.6% and state unemployment tax rate is 4.2%, both on a maximum of $7,000 of gross wages per year. What is the total employer payroll tax expense for Amy's January paycheck? Multiple Choice О $168.00 $435.75 $414.75 $267.75
Transcribed Image Text:1 Amy Prince earns $42,000 per year and is paid once a month. For January, she had $198 withheld from her pay for federal income taxes, and $57 withheld for health insurance. Social Security tax is 6.2% on a maximum of $142,800 of gross wages per year, and Medicare tax is 1.45%; the federal unemployment tax rate is 0.6% and state unemployment tax rate is 4.2%, both on a maximum of $7,000 of gross wages per year. What is the total employer payroll tax expense for Amy's January paycheck? Multiple Choice О $168.00 $435.75 $414.75 $267.75
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