Steve's gross pay for the week is $980.His yearly pay is under the limit for OASDI.Assume that the rate for state and federal unemployment compensation taxes is 6.2%,and that Steve's pay year-to-date has previously exceeded the $7,000 cap.His yearly pay is under the limit for OASDI.What is the total amount of payroll taxes that Steve's employer must record as payroll tax expenses? (Do not round your intermediate calculations.Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)

Question

Quizplus · Accepted Answer

The Answer of Steve's gross pay for the week is $980.His yearly pay is under the limit for OASDI.Assume that the rate for state and federal unemployment compensation taxes is 6.2%,and that Steve's pay year-to-date has previously exceeded the $7,000 cap.His yearly pay is under the limit for OASDI.What is the total amount of payroll taxes that Steve's employer must record as payroll tax expenses? (Do not round your intermediate calculations.Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.)

Steve's Gross Pay for the Week Is $980