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Determine the total employee withholdings

Determine the total employee withholdings

FINANCIAL ACCOUNTING
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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ESPAÑOL INGLÉS FRANCÉS ABC pays its employees monthly. The payroll information shown below is for December 2021, the last month of the ABC fiscal year 1. Total gross wages: $400,000 2. income tax withholding: $80,000 3. Federal Unemployment Tax Rate (FUTA) 0.60%, $30,000 of total payroll exceeds $7,000 limit 4. State Unemployment Tax Rate (SUTA) 5.4%, $30,000 of total payroll exceeds $7,000 limit 5. Social Security Tax Rate: 6.20%, $8,000 of total payroll exceeds the $147,000 limit. 6. Medicare tax rate: 1.45% unlimited Determine the total employee withholdings Enviar comentar MacBook Air 10
Transcribed Image Text:ESPAÑOL INGLÉS FRANCÉS ABC pays its employees monthly. The payroll information shown below is for December 2021, the last month of the ABC fiscal year 1. Total gross wages: $400,000 2. income tax withholding: $80,000 3. Federal Unemployment Tax Rate (FUTA) 0.60%, $30,000 of total payroll exceeds $7,000 limit 4. State Unemployment Tax Rate (SUTA) 5.4%, $30,000 of total payroll exceeds $7,000 limit 5. Social Security Tax Rate: 6.20%, $8,000 of total payroll exceeds the $147,000 limit. 6. Medicare tax rate: 1.45% unlimited Determine the total employee withholdings Enviar comentar MacBook Air 10
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