2 1 The gross payroll total for all employees this month is $30,000. Assume that all employees' wages fall below the S Security limit The gross payroll total for all employees this month is $30,000. The amount of employees' wages that fall below t Security limit is $25,000. Total FICA taxes S 2295 191760

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Compute the FICA taxes for both employee and employer given the following independent scenarios for The Fish House:
The gross payroll total for all employees this month is $30,000. Assume that all employees' wages fall below the Social
Security limit.
1
2
1
2
The gross payroll total for all employees this month is $30,000. The amount of employees' wages that fall below the Social
Security limit is $25,000.
Total FICA taxes
Total FICA taxes
$
$
2295
1912.50
Transcribed Image Text:Compute the FICA taxes for both employee and employer given the following independent scenarios for The Fish House: The gross payroll total for all employees this month is $30,000. Assume that all employees' wages fall below the Social Security limit. 1 2 1 2 The gross payroll total for all employees this month is $30,000. The amount of employees' wages that fall below the Social Security limit is $25,000. Total FICA taxes Total FICA taxes $ $ 2295 1912.50
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