An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $950; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 5,4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000. Determine the employer's payroll tax expense if: Round your answers to two decimal places. a. This is the first payroll of the year and the employee has no cumulative earnings for the year to date. b. The employee's cumulative earnings for the year prior to this week equal $5,200.

An employee receives an hourly rate of $45, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $950; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment compensation tax, 5,4% on the first $7,000; federal unemployment compensation tax, 0.8% on the first $7,000. Determine the employer's payroll tax expense if: Round your answers to two decimal places. a. This is the first payroll of the year and the employee has no cumulative earnings for the year to date. b. The employee's cumulative earnings for the year prior to this week equal $5,200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

SOLVE THE SYSTEM WITH SUBSTITUTION OR ELIMINATION
dgdfdgdhfgff
1,525,394 is the wrong answer. what is the correct one?
Answer to Part C = 42250
Section 1250 summary
E12.17
88 MULTIPLE CHOICE Question 6 Listen If f(x)= and g(x) = x²-16, then what is the value of f(g(4))? A 0 B 4 C undefined
E11.4
Need help
P10.5
it say 43,636.36 is incorrect
it say 6224.00 is incorrect