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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 7
Computing employer's payroll taxes.
At the end of the weekly payroll period on June 30, 2013, the payroll register of Cordts Consultants showed employee earnings of $70,900. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.8 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,850 subject to FUTA and SUTA taxes.
At the end of the weekly payroll period on June 30, 2013, the payroll register of Cordts Consultants showed employee earnings of $70,900. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.8 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and $40,850 subject to FUTA and SUTA taxes.
Explanation
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The payroll taxes of C Consultants for t...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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