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Leya [2.2K]
3 years ago
7

An employee earns $6,350 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500

of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $216 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $184 and contributes $92 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January
Business
1 answer:
Vlad1618 [11]3 years ago
7 0

Answer:

$965.075

Explanation:

Payroll taxes for the month of January is = FICA +FUTA +SUTA+

federal income taxes withheld+voluntary deductions for health insurance +contributes retirement plan.

= (0.0145*6350) +(0.006*6350)+(0.054*6350)+216+184+92

= 92.075+38.1+342.9+216+184+92

= 965.075

$965.075

Some money like Social Security is 6.2% of the first $118,500( not added because he's earnings are not up to $118500 and it's yearly stuff) and unemployment taxe is not added because his earnings is not up to $7000

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19th Edition of The Legal and Regulatory Environment of Business

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6 0
2 years ago
Suppose in year 1 the CPI is 90, in year 2 the CPI is 100, and in year 3 the CPI is 110. Then, inflation is
omeli [17]

Answer: E) Both answers B and D are correct.

Explanation:

Inflation using the Consumer Price Index is calculated by;

= (CPI in current year - CPI in previous year) / CPI in previous year

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= 11%

Year 3 Inflation = (110 - 100) / 100

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What should a good business name do?
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3 years ago
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The Darwin Company reports the following information that occurred during the current period: Sales commissions expense $15,600
ch4aika [34]

Answer:

The Darwin Company

Calculation of Manufacturing Overhead costs:

= $17,200

Explanation:

a) Data and Calculations:

Depreciation on factory equipment        $4,700

Indirect labor                                              5,900

Factory rent                                                4,200

Factory utilities                                            1,200

Indirect materials used                               1,200

Total Manufacturing overhead costs = $17,200

b) Darwin's manufacturing overhead costs will include only the above listed costs.  Sales commissions, direct materials, direct labor, and office salaries expense do not form part of the manufacturing overhead costs.  The manufacturing overhead costs are neither direct materials or labor costs or selling and administration costs.

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3 years ago
PLEASE HELP ILL LITERALLY DO ANYTHING!!!!
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