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Leya [2.2K]
2 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]2 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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Answer:

The number of equivalent units using the weighted-average method is 185,000.

Explanation:

Determine the number of units completed and transferred out.

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​  

Therefore, the number of units completed and transferred out is 145,000 units.

It is given that the beginning units completed is 35,000, and the units started and completed are 110,000. They are added to calculate the number of units completed and transferred out. Therefore, the number of units completed and transferred out is 145,000 units.

----

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=145,000+(40,000×100%)

=185,000

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