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pav-90 [236]
3 years ago
7

Freedom Inc. has 40 employees within Denver City and County. All of the employees worked a predominant number of hours within th

e city. The employees earned $8.30 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay.
What is the employee and company Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)
Business
1 answer:
Paraphin [41]3 years ago
5 0

Answer:

the employee and company Occupational Privilege Tax for these employees is $92.00 and $64.00 respectively

Explanation:

The computation of the  employee and company Occupational Privilege Tax for these employees is shown below:

The Total amount with held from employees is

= 16 × $5.75

= $92.00

And, the total amount to be paid by the employer is

=16 × $4.00

= $64.00

hence, the employee and company Occupational Privilege Tax for these employees is $92.00 and $64.00 respectively

The same is relevant

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Q 11.20: Katie Inc. reported net income of $171,000 for the current year and paid dividends of $26,000 on common stock. It also
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Answer:

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