K John's gross pay for the month of January is $3,500. His year-to-date pay is under the limit for OASDI. Assume that the rate for state unemployment tax is 5.4%, federal unemployment tax rate is 0.6%, and that John's year-to-date pay has not yet exceeded the $7,000 cap. What is the total amount of payroll taxes that his employer must record as payroll tax expense? (Round intermediate calculations to the nearest cent. Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%) OA. $477.75 OB. $217.00 OC. $267.75 OD. $260.75

K John's gross pay for the month of January is $3,500. His year-to-date pay is under the limit for OASDI. Assume that the rate for state unemployment tax is 5.4%, federal unemployment tax rate is 0.6%, and that John's year-to-date pay has not yet exceeded the $7,000 cap. What is the total amount of payroll taxes that his employer must record as payroll tax expense? (Round intermediate calculations to the nearest cent. Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%) OA. $477.75 OB. $217.00 OC. $267.75 OD. $260.75

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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