%24%24%24%24Ohttps://ezto.mheducation.com/hm.tpxBased on the payroll information for Romac Electric that follows.Total gross earnings: $2,462.00Social security tax rate: 6.2%Medicare tax rate: 1.45%State unemployment tax rate: 5.4%Federal unemployment tax rate: 0.8%Find the correct tax payable amounts. Social Security Tax Payable and Medicare Tax Payable amounts areto include both the employee's and employer's taxes. (Round your answers to 2 decimal places afterperforming the calculations. Omit the "S" signin your response.)1. Social Security Tax Payable (employees' and employer's)2. Medicare Tax Payable (employees' and employer's)3. State Unemployment Tax Payable4. Federal Unemployment Tax PayableC0021 McGraw-Hill Education.Al rights reserveType here to search

Tax refers to the compulsory or mandatory obligation which is financially imposed on the taxpayer (individual, citizen or. firm) through the governmental organization and it fund the spending of government as well as public expenses. 1. Computing social security tax payable for employee as: Gross earnings $2,462 Tax 6.2% SST payable for employee 152.64 Computing social security tax payable for employer as: Gross earnings $2,462 Tax 6.2% SST payable for employee 152.64 2. Computing medicare payable for employee as: Gross earnings $2,462 Tax 1.45% Medicare tax payable for employee 35.70 Computing medicare payable for employer as: Gross earnings $2,462 Tax 1.45% Medicare tax payable for employer 35.70 3. Computing the state unemployment tax payable as: Gross earnings $2,462 Tax 5.4% State unemployment tax payable for 133.04 4. Computing the Federal unemployment tax payable as: Gross earnings $2,462 Tax 0.8% Federal unemployment tax payable for 20

Answered: Based on the payroll information for…

Business

Accounting

Based on the payroll information for Romac Electric that follows. Total gross earnings: $2,462.00 Social security tax rate 6 2%

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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