Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Phil Phoenix is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,838. FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,466.47. What is the amount of the employer's monthly payroll tax expenses for this employee? (Round your intermediate calculations and final answer to two decimal places.)

a) $1,110.11

b) $547.96

c) $128.15

d) $378.00

e) $56.00

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940008

Have any Question? 


Related Questions in Accounting Basics

Assignment- review of accounting ethics papermany

Assignment- Review of Accounting Ethics Paper Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, or the general public. Sear ...

Assignment change modelassume you are the sales and

Assignment Change Model Assume you are the Sales and Marketing Director for Sea Treasures, a small group of well-known retail stores specializing in exotic sea life and high-end accessories for aquariums. The company has ...

Assignmentto write discussion post min 350 words for each

Assignment To write discussion post. Min 350 words for each task. Do not use any direct quotes and/or cut and pasted information (i.e. your discussion is to be 100% your thoughts, ideals and insights). A minimum 350 word ...

Company name is chevronapply ifrs 1 adopting ifrs and rev

Company name is Chevron Apply IFRS 1, "Adopting IFRS" and "Rev Rec" to your U.S. company used in the "Comparison Project" for the final effort in class which is to develop a plan for the transition to both IFRS and Rev R ...

Valley care medical center expects projects x and y to

Valley Care Medical Center expects Projects X and Y to generate the following cash flows:   Givens (in '000s) Years                  0 1 2 3 4 5 1 Initial investment                              ($7,500)       2 Net oper ...

Intermediate management accounting1carpe diem co reported

Intermediate Management Accounting 1. Carpe Diem Co. reported the following variances for the period: Direct materials price variance $1,700 U Direct labour efficiency variance 23,600 U Fixed overhead volume variance 10, ...

Essay question internal accountingone to two pages single

Essay Question Internal Accounting One to two pages (single spaced, Times New Roman 12 font) discussion. Clear and well-argued showing depth of knowledge and understanding of the concepts. Check grammar and spelling. Que ...

Principles of accountingthe accounting cyclequestion

Principles of Accounting The Accounting Cycle Question A • Explain why temporary accounts are closed each period. Question B • Identify the 10 steps in the accounting cycle.

On january 1 2011 ajax corporation signed a 1000000 7

On January 1, 2011, Ajax Corporation signed a $1,000,000, 7%, 10-year mortgage note to buy a new warehouse. The note will be repaid in 10 equal annual installments of $142,378. The first payment was made on December 31, ...

Background of projectthe industry of medical devices

Background of Project The industry of medical devices involves a number of monitoring and reconstructive devices. Some of those devices include cardiac and diabetic care as well as hip and knee replacements. The owners o ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen