Required information [The following information applies to the questions displayed below.] Greer Utsey earned $47,500 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the employer's share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answer to 2 decimal places.
Required information [The following information applies to the questions displayed below.] Greer Utsey earned $47,500 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Required: Compute the employer's share of the taxes for the third weekly payroll of the year. Note: Do not round intermediate calculation. Round your final answer to 2 decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
Greer Utsey earned $47,500 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid
weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is
5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in
Appendix D. Manual payroll system is used and Box 2 is not checked.
Required:
Compute the employer's share of the taxes for the third weekly payroll of the year.
Note: Do not round intermediate calculation. Round your final answer to 2 decimal places.
Federal income tax withholding
Social Security tax
Medicare tax
FUTA tax
SUTA tax
State income tax withholding](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F86095804-6441-4412-836a-271d561918d3%2F0fbc0d13-1edb-468f-bd3c-a9275d2f5276%2Fwpuor_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Greer Utsey earned $47,500 in 2023 for a company in Kentucky. Greer is single with one dependent under 17 and is paid
weekly. The FUTA rate in Kentucky for 2023 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is
5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in
Appendix D. Manual payroll system is used and Box 2 is not checked.
Required:
Compute the employer's share of the taxes for the third weekly payroll of the year.
Note: Do not round intermediate calculation. Round your final answer to 2 decimal places.
Federal income tax withholding
Social Security tax
Medicare tax
FUTA tax
SUTA tax
State income tax withholding
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