ABC Consulting had two employees with the following earnings information:

-
Use the table above to calculate the employer payroll income taxes associated with Henry's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $122,700 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.

Question

ABC Consulting had two employees with the following earnings information:

- 
Use the table above to calculate the employer payroll income taxes associated with Henry's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $122,700 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.

Quizplus · Accepted Answer

The Answer of ABC Consulting had two employees with the following earnings information:

- 
Use the table above to calculate the employer payroll income taxes associated with Henry's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $122,700 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.

ABC Consulting Had Two Employees with the Following Earnings Information