Short Answer
Using the information below,determine the amount of the payroll tax expense for B.Hope Company's first payroll of the year.In your answer list the amounts for FICA (OASDI and Medicare),SUTA,and FUTA.
Assume:
FICA tax rates are: OASDI 6.2% on a limit of $117,000 and Medicare 1.45%.
State Unemployment tax rate is 5.0% on the first $7,000.
Federal Unemployment tax rate is 0.8% on the first $7,000.
Correct Answer:

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Correct Answer:
Verified
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