Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. an employee earned $61,200 during the year working

An employee earned $61,200 during the year working for an employer. The FICA tax rate...

50.1K

Verified Solution

Question

Accounting

An employee earned $61,200 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 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?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Suppose an economy is an export based one where a US Multi National Corporation conducts business...

Finance
Q

Assume that the United States invests heavily in government and corporate securities of South Korea (hereafter,...

Finance
Q

You are the audit manager of ChefNZ Ltd, a large company, which runs a number of...

Accounting
Q

Does American society operate under a consensus or a conflict model?

Psychology
Q

An experimental arrangement for measuring the thermal conductivity of solid materials involves the use of two...

Mechanical Engineering
Q

You and Bimo are playing a game that is popular here For this game you...

Basic Math
Q

A typical human red blood cell has an average diameter of 8.2 x 10-6m, while...

Basic Math
Q

Find the period Y 3 tan 3x Graph the function M HUSAIN

Calculus
Q

me Limit 2 00 00 age 1 1 4 7 10 2 5 8 Ga...

Algebra
Q

If the accountant failed to make an adjusting entry to record supplies used during the...

Accounting
Q

Crane Company produces golf discs which it normally sells to retailers for $6 each. The...

Accounting
Q

The following information pertains to the City of Williamson for 2017, its first year of...

Accounting