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.
$$\begin{array}{l}
\begin{array} { l l }
\text { Employee }&\text { Taxable Farning } \
\text { K. Addington } & \$ 550 \
\text { K. Wilcox } & 400 \
\text { T. Shama } & 320
\end{array}\

\end{array}$$ 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

Question

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.
 $$\begin{array}{l}
\begin{array} { l l } 
\text { Employee }&\text { Taxable Farning } \
\text { K. Addington } & \$ 550 \
\text { K. Wilcox } & 400 \
\text { T. Shama } & 320
\end{array}\

\end{array}$$ 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

Quizplus · Accepted Answer

The Answer of 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.
 $$\begin{array}{l}
\begin{array} { l l } 
\text { Employee }&\text { Taxable Farning } \
\text { K. Addington } & \$ 550 \
\text { K. Wilcox } & 400 \
\text { T. Shama } & 320
\end{array}\

\end{array}$$ 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

Using the Information Below,determine the Amount of the Payroll Tax