An employee earned $62,200 during the year working for an em…
An employee earned $62,200 during the year working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of employee earnings per calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the amount of total unemployment taxes the employee must pay?
Read DetailsOn August 1, a $34,800, 7%, 3-year installment note payable…
On August 1, a $34,800, 7%, 3-year installment note payable is issued by a company. The note requires equal payments of principal plus accrued interest of $13,260.60. The entry to record the first payment on July 31 would include:
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