Tax rates state unemployment tax 5.4 f.i.c.a. tax 6 for, Ask an Expert

Accounting

Rand Company's payroll on December 31 of the current year is as follows:
total payroll, $500,000
payroll in excess of $100,000 to each employee, $350,000
payroll in excess of $7,000 to each employee, $400,000
income taxes withheld, $85,000
union dues withheld, $10,000
tax rates: State unemployment tax, 5.4%; F.I.C.A. tax, 6% for employees and 8% for employers for any amounts over $100,000; federal unemployment tax, 0.6% . How would you find out the FICA Taxes Payable.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M945690

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