Essay
Using the information below,determine the amount of the payroll tax expense for B.Harper 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 $106,800 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
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