ate, 6.0%; and 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. Calculate the employer's payroll tax expense under the following circumstances. Round your answers to two decimal places. a. This is the first payroll of the year
ate, 6.0%; and 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. Calculate the employer's payroll tax expense under the following circumstances. Round your answers to two decimal places. a. This is the first payroll of the year
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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%; and Medicare tax rate, 1.5%; state
Calculate the employer's payroll tax expense under the following circumstances. 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. $fill in the blank 1 |
| b. The employee's cumulative earnings for the year prior to this week equal $6,200. $fill in the blank 2 |
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