For the first week of 2022, Coby Co. pays wages of $6,000 and withholds $1,000 for federal income taxes and $400 for state income taxes. The combined FICA and Medicare tax rate is 7.65%. The FUTA rate is 0.8% and the SUTA rate is 5.4% Record the payroll. Record the payroll tax.
For the first week of 2022, Coby Co. pays wages of $6,000 and withholds $1,000 for federal income taxes and $400 for state income taxes. The combined FICA and Medicare tax rate is 7.65%. The FUTA rate is 0.8% and the SUTA rate is 5.4% Record the payroll. Record the payroll tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![For the first week of 2022, Coby Co. pays wages of $6,000 and withholds $1,000 for federal
income taxes and $400 for state income taxes. The combined FICA and Medicare tax rate is
7.65%. The FUTA rate is 0.8% and the SUTA rate is 5.4% Record the payroll. Record the
payroll tax.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa04f6790-7fff-44f0-8a3e-23071c85f0a3%2Fc6b9b7ab-794e-4540-a3a1-7c6a0f2b09db%2Fxi41fik_processed.png&w=3840&q=75)
Transcribed Image Text:For the first week of 2022, Coby Co. pays wages of $6,000 and withholds $1,000 for federal
income taxes and $400 for state income taxes. The combined FICA and Medicare tax rate is
7.65%. The FUTA rate is 0.8% and the SUTA rate is 5.4% Record the payroll. Record the
payroll tax.
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