Question

An employee earns $5.650 per month working for an employer. The RCA for Social Security is 62% of the first 1500 of earnings
0 0
Add a comment Improve this question Transcribed image text
Answer #1

The correct answer is Option 3 - $771.23

Notes

Payroll Tax Expense = FUTA + SUTA + Medicare taxes + Social Security taxes

= (5650*0.6%) + (5650*5.4%) + (5650*1.45%)+(5650*6.2%) = $771.23

Please comment in case of any issue and I will be happy to help.

Add a comment
Know the answer?
Add Answer to:
An employee earns $5.650 per month working for an employer. The RCA for Social Security is...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • An employee earns $6,450 per month working for an employer. The FICA tax rate for Social...

    An employee earns $6,450 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 of earnings each 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. The employee has $220 in federal Income taxes withheld. The employee has voluntary...

  • An employee earns $6,400 per month working for an employer.

    TB MC Qu. 09-135 An employee earns... An employee earns $6,400 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128.400 of earnings each 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. The employee has $218 in federal income...

  • An employee earns $5,550 per month working for an employer. The FICA tax rate for Social...

    An employee earns $5,550 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $127.200 of earnings each calendar ye 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 14%. Both unemployment taxes are nipple to the first $7,000 of an employee's pay. The employee has $184 in federal income taxes withheld. The employee has voluntary...

  • An employee earns $6,500 per month working for an employer. The FICA tax rate for Social...

    An employee earns $6,500 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128,400 earned each 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. The employee has $222 in federal income taxes withheld. The employee has voluntary deductions...

  • An employee earns $6,150 per month working for an employer

    An employee earns $6,150 per month working for an employer. The FICA tax rate for Social Security is 6.2% of the first $128.400 earned each 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. The employee has $208 in federal income taxes withheld. The employee has voluntary deductions...

  • Katie Perry earns $5,750 per month working for his employer. The FICA tax rate for Social...

    Katie Perry earns $5,750 per month working for his employer. The FICA tax rate for Social Security is 6.2% of the first $118,500 earned each 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. The employee has $192 in federal income taxes withheld. Katie has voluntary deductions for...

  • executive omcer earns $20.400 per month, As of May 31, her gross pay was S102.000 The...

    executive omcer earns $20.400 per month, As of May 31, her gross pay was S102.000 The tax rate for Social Security is 62% of the first $118.500 tax rate is 06, and the SUTA tax rate is 54% Botn earned each calendar year and the RCA tax rate for Medicare is 1 45% of all earnings The current FUTA unemployment taxes are applied to the first $7.,000 of an of June? employee's pay What is the amount of FICA- Social...

  • 02) An 128,500 Working Quiz-Current Liab & Payroll Help Save & ExitSubmit An ermployee earns $6,450...

    02) An 128,500 Working Quiz-Current Liab & Payroll Help Save & ExitSubmit An ermployee earns $6,450 per month working for an employer The FICA tax rate for Social Security is 62% of the first S 118.500 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and SUTA tax rate is 54% Both unemployment taxes are applied to the first $7,000 of an employee's pay. The...

  • An employee earned $61,500 during the year working for an employer. The FICA tax rate for...

    An employee earned $61,500 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...

  • An employee earned $62,200 during the year working for an employer. The FICA tax rate for...

    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 $118,500 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT