Calculate employer total payroll tax liability for period

Assignment Help Financial Accounting

Reference no: EM131267706

Suppose Jim worked 76 hours during this payroll period and is paid $11.00 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: EM131267706

Questions Cloud

Statements regarding audit of negotiable notes receivable : The confirmation of the client's trade accounts receivable as a means of obtaining audit evidence is ordinarily considered to be a: Which of the following statements regarding the audit of negotiable notes receivable is correct?

Principles of cost accounting : Principles of Cost Accounting 16 ed. The chief executive officer of Richards Corp. attended a conference in which one of the sessions was devoted to variable costing. Prepare an income statement using variable costing? Prepare an income statement usi..

Journalize the entry to record the accrual of payroll taxes : According to a summary of the payroll of Bailing Co., 880,000 was subject to the 6.0% social security tax and the 1.5%Medicare tax. Also , $40,000 was subject to state and federal unemployment taxes. Calculate the employer payroll taxes, using the fo..

What is the amount of each payment : FedEx inc. needs $18000 immediately as a down payment on a new office. Suppose FedEx management can borrow this money from Chase Banks. FedEx will be required to repay the loan in equal payments made every six months over the next 12 years. The annua..

Calculate employer total payroll tax liability for period : Suppose Jim worked 76 hours during this payroll period and is paid $11.00 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.

Amount of contribution margin is available under alternative : Genesis Company manufactures digital televisions and computer monitors. The limiting resource for the company is 7,200 hours per month. Televisions have a contribution margin per unit of $400 and computer monitors have a contribution margin per unit ..

Prepare journal entries related to investment : Zoop Corporation purchased for $323,200 a 26% interest in Murphy, Inc. This investment enables Zoop to exert significant influence over Murphy. During the year, Murphy earned net income of $186,500 and paid dividends of $69,200. Prepare Zoop’s journa..

Prepare statement of financial position for the year ended : INVOLVE was incorporated as a not-for-profit voluntary health and welfare organization on January 1, 2017. During the fiscal year ended December 31, 2017, the following transactions occurred. Prepare a statement of financial position for the year end..

Evaluating the fraud in terms of their ethical standards : Compare how Association for Financial Professionals (AFP), Certified Financial Planner Board of Standards (CFP), American Institute of CPAs (CPA), CFA Institue (CFA) professional organizations would evaluate fraud. How much of a difference is there f..

User Account

All Pages