70.2K

Verified Solution

Link Copied!

An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for Medicare is 1.45%. The employer's share of FICA taxes is: 1. \$O, the employee pay exceeds the FICA limit 2. $0,FICA is not an employer tax 3. $3,100 4. $725 5. $3,825 Assume the FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. What is the total unemployment tax an employer must pay on an employee's annual wages of $40,000? 1. $2,400 2. $420 3. $42 4. $0, employers do not pay unemployment tax 5. $0, employee's wages exceed the $7,000 maximum Assume the FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. What is the total unemployment tax an employee must pay on an their annual wages of $40,000 ? 1. $2,400 2. $420 3. $42 4. $0, employees do not pay unemployment tax 5. $0, their wages exceed the $7,000 maximum Poll Question \#7 A company sold 10,000 TVs in July and estimates warranty expense for these TVs to be $25,000. During July, 80 TVs were serviced under warranty at a cost of $18,000. The credit balance in the Estimated Warranty Liability account at July 1 was $26,000. What is the company's warranty expense for the month of July? 1. $51,000 2. $1,000 3. $25,000 4. $33,000 5. $18,000

Answer & Explanation Solved by verified expert

See Answer