Calculate employer total payroll tax liability for period

Assignment Help Financial Accounting

Reference no: EM131204947

Suppose Jim worked 72 hours during this payroll period and is paid $14.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and withholding tax is 10%.

Calculate Jim's employer's total payroll tax liability for the period.

Reference no: EM131204947

Questions Cloud

The budgeted change in inventory levels : The Willsey Merchandise Company has budgeted $44,000 in sales for the month of December. The company's cost of goods sold is 35% of sales. If the company has budgeted to purchase $22,300 in merchandise during December, then the budgeted change in inv..

Double-declining-balance method-straight-line method : Sandblasting equipment acquired at a cost of $42,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal year, which ends on December 31, 20Y5. Determine the ..

What are the benefits of negative confirmation : It seems from the discussion in the book that positive confirmations are more useful in detecting misstatements. Do you think there are any instances when negative confirmations are justified? When? What are the benefits of negative confirmation? Are..

Selling all of asset for cash-dividing losses on realization : Everett, Miguel, and Ramona are partners, sharing income 1:2:3. After selling all of the assets for cash, dividing losses on realization, and paying liabilities, the balances in the capital accounts are as follows: Everett, $50,000 Cr.; Miguel, $40,0..

Calculate employer total payroll tax liability for period : Suppose Jim worked 72 hours during this payroll period and is paid $14.00 per hour. Assume FICA is 6.2%, Medicare is 1.45% and withholding tax is 10%. Calculate Jim's employer's total payroll tax liability for the period.

Compute the equivalent units of production : Jones Company manufactures a single product and uses process costing (FIFO menthod). The company's product goes through two processing departments, etching and wiring. The following activity was recorded in the etching department during July: Compute..

Essay describing the rules concerning a motion of limine : Essay describing the rules concerning a motion of limine in your jurisdiction. This would include the format and filing of such a motion. How does persuasive writing impact such motions?

What is annual effective rate earned on investment portfolio : A company invests $1,000,000 at the beginning of the year. It adds another $250,000 at the end of the first quarter, withdraws $350,000 at the end of the second quarter, adds $145,000 at the end of the third quarter, and withdraws $450,000 of the rem..

Prepare a report showing total cost of each job in process : Widmer Watercraft’s predetermined overhead rate for year 2015 is 200% of direct labor. Information on the company’s production activities during May 2015 follows. Prepare a job cost sheet for each job worked on during the month. Prepare a report sho..

User Account

All Pages