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Submitted by Asma on Thu, 2012-05-03 11:51
due on Mon, 2012-05-07 11:48
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Acc211 Fundamental Accounting Principal MacGraw Hill Connect Final Exam

An employee earns $6,050 per month working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is .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 employee has $204 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $172 and contributes $86 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January? (Round your intermediate calculations and final answer to two decimal places.)






Submitted by Asma on Thu, 2012-05-03 11:52
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