Compute mri amounts for each of the above four taxes

Reference no: EM13137723

MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its employee.

Gross Pay through August Gross Pay for September

a. $ 6,400 $800

b. 18,200 2,100

c. 100,500 8,000

a) Compute MRI's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (a).

b) Compute MRI's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (b).

c) Compute MRI's amounts for each of the above four taxes as applied to the employee's gross earnings for September under situation (c).

Reference no: EM13137723

Questions Cloud

What is randolph basis in the distributed inventory : Randolph's basis in RD is $37,000. What is Randolph's basis in the distributed inventory and land?

Determining the maturity : Mobile Co. issued a $45,000, 60-day, discounted note to Guarantee Bank. The discount rate is 6%. At maturity, the borrower will pay:

Elite and the masses for public policy on taxes : Explain the areas of conflict between the elite and the masses for public policy on taxes, international trade, and immigration. Give examples.

Dvd breezy is a retail dvd shop : Peters Dairy is an ice cream business. The following table shows the expected number of ice-creams to be sold between January and March 2014:

Compute mri amounts for each of the above four taxes : MRI Company has one employee. FICA Social Security taxes are 6.2% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.8% and SUTA taxes are 2.9% of the first $7,000 paid to its ..

How much energy would be obtained : Carbon emits photons at 745 nm when exposed to blackbody radiation. How much energy would be obtained if 44 g of carbon were irradiated?

Find the decision rule if bank loan financially sound : At the 0.01 level, is the bank loan financially sound (should the bank ask for additional collateral)? What is the decision rule?

Conditions and outcomes might support decentralization : Would this be a better way of organizing homeland security or would it just create layer of problematic bureaucracy? What conditions and outcomes might support decentralization?

Estimated annual net income and cash flows : Both the facility and the equipment will be depreciated over 12 years using the straight-line method and are expected to have zero salvage values. His required rate of return is 10%. Estimated annual net income and cash flows are $49,000 and $101,..

User Account

All Pages