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1, An employee earned $60,500 during the year working for an employer....

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Accounting

1,

An employee earned $60,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employee earnings per 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. What is the amount of total unemployment taxes the employee must pay?

Multiple Choice

  • $0.00

  • $56.00

  • $434.00

  • $101.50

  • $378.00

2,

Mayan Company had net income of $132,000. The weighted-average common shares outstanding were 80,000. The company has no preferred stock. The company's earnings per share is:

Multiple Choice

  • $1.71.

  • $44.00.

  • $1.59.

  • $26.67.

  • $1.65.

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