Using the information below,determine the amount of the payroll tax expense for B.Hope Company's first payroll of the year.In your answer list the amounts for FICA (OASDI and Medicare),SUTA,and FUTA.
$$\begin{array} { l c }
\text { Employee } & \text { Taxable Earnings } \
\hline \text { K. Wilson } & \$ 600 \
\text { K. James } & 520 \
\text { T. Paulsen } & 300
\end{array}$$
Assume:
FICA tax rates are: OASDI 6.2% on a limit of $117,000 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.Hope Company's first payroll of the year.In your answer list the amounts for FICA (OASDI and Medicare),SUTA,and FUTA.
 $$\begin{array} { l c } 
\text { Employee } & \text { Taxable Earnings } \
\hline  \text { K. Wilson } & \$ 600 \
\text { K. James } & 520 \
\text { T. Paulsen } & 300
\end{array}$$ 
Assume:
FICA tax rates are: OASDI 6.2% on a limit of $117,000 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.Hope Company's first payroll of the year.In your answer list the amounts for FICA (OASDI and Medicare),SUTA,and FUTA.
 $$\begin{array} { l c } 
\text { Employee } & \text { Taxable Earnings } \
\hline  \text { K. Wilson } & \$ 600 \
\text { K. James } & 520 \
\text { T. Paulsen } & 300
\end{array}$$ 
Assume:
FICA tax rates are: OASDI 6.2% on a limit of $117,000 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