From the following information, calculate the payroll tax expense for New Company for the payroll of April 9 View the payroll The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 0.0% on the first $7,000 earned by each employee The SUTA tax rate for New Company is 5 7% on the trst $7,000 of employee earnings for state unemployment purposes (Round to the nearest cent as needed)) Total Payroll Employee W. Duncan C. Hart G Oval S CIT Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3,000 $ 6.100 8,000 Done 750 650 250
From the following information, calculate the payroll tax expense for New Company for the payroll of April 9 View the payroll The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 0.0% on the first $7,000 earned by each employee The SUTA tax rate for New Company is 5 7% on the trst $7,000 of employee earnings for state unemployment purposes (Round to the nearest cent as needed)) Total Payroll Employee W. Duncan C. Hart G Oval S CIT Cumulative Earnings Before Weekly Payroll Print Gross Pay for the Week 3,000 $ 6.100 8,000 Done 750 650 250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![From the following information, calculate the payroll tax expense for New Company for the payroll of April 9
View the Dayto
The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 06% on the first $7,000 earned by each employee The SUTA
tax rate for New Company is 5 7% on the test $7,000 of employce earnings for state unemployment purposes (Round to the nearest cent as needed)
Total
Payroll
Employee
W Duncan
C. Hart
G. Oval
Cumulative Earnings Before
Weekly Payroll
Print
Gross Pay for
the Week
3.000 $
6.100
8.000
Done
750
650
250](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c39bb9f-ed8b-4e81-8aff-8f0122e1cfa2%2Fc270c703-f79c-4fe3-81bd-ee5c64901126%2F9tqq4qm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:From the following information, calculate the payroll tax expense for New Company for the payroll of April 9
View the Dayto
The FICA Social Security tax rate is 6.2% on the first $142,800 earned, and FICA Medicare is 1.45% on all earnings Federal unemployment tax is 06% on the first $7,000 earned by each employee The SUTA
tax rate for New Company is 5 7% on the test $7,000 of employce earnings for state unemployment purposes (Round to the nearest cent as needed)
Total
Payroll
Employee
W Duncan
C. Hart
G. Oval
Cumulative Earnings Before
Weekly Payroll
Print
Gross Pay for
the Week
3.000 $
6.100
8.000
Done
750
650
250
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