ABC Consulting had two employees with the following earnings information: EmployeeCumulative Earning as of...
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Accounting
ABC Consulting had two employees with the following earnings information:
EmployeeCumulative Earning as of 11/30/20X1Gross Earnings for Week Ending 12/15/20X1Poppy Smith$ 6,600$ 900Henry Murphy$ 131,300$ 3,400
Use the table above to calculate the employer payroll income taxes associated with Poppy's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $132,900 of annual wages and the Medicare tax rate is 1.45% on all earnings. State unemployment tax of 5.4% and federal unemployment tax of 0.6% are both levied on only the first $7,000 of each employee's annual earnings.
Multiple Choice
$92.85
$68.85
$104.85
$55.80
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