compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. (a) Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Name B. D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Earnings to Aug. 31 $6,700 6,500 7,500 13,700 131,700 136,200 September Earnings $900 800 1,200 2,100 14,200 17,400 $ Income Tax Withholding ILI $
compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. (a) Complete the payroll sheet. (Round answers to 2 decimal places, e.g. 15.26.) Name B. D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Earnings to Aug. 31 $6,700 6,500 7,500 13,700 131,700 136,200 September Earnings $900 800 1,200 2,100 14,200 17,400 $ Income Tax Withholding ILI $
Chapter9: Payroll, Estimated Payments, And Retirement Plans
Section: Chapter Questions
Problem 16MCQ
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