Homework Help is Here – Start Your Trial Now!
Business
Accounting
Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8,000

Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Read the question carefully and give me right solution according to the question 

Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week. The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8.000
Transcribed Image Text:Determine the annual cost for the following employee. Last year the employee worked 2,300 hours and was paid for an additional 80 hours of vacation. The employee was paid for at least 40 hours each week and is to be paid time and a half on any work over 40 hours per week. The employee's health insurance is paid for entirely by the employer and it cost $200/month. The hourly wage is $20/hr. Social security is 6.2% on the first $128,700, Medicare is 1.45%, FUTA is 0.6% on the first $5,000, and SUTA is 3% on the first $8.000
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS