Employees earnings and taxes

Assignment Help Taxation

Reference no: EM13324585

Employees' Earnings and Taxes

Note: For this exercise, use the following tax rates:

FICA-Employer and employee, 8% of the first $100,000 of earnings per employee per calendar year.

State unemployment-4% of the first $8,000 of earnings per employee per calendar year.

Federal unemployment-1% of the first $8,000 of earnings per employee per calendar year.

Federal income tax withholding-15% of each employee's gross earnings, unless otherwise stated.

A weekly payroll summary made from labor time records shows the following data for Victory Parkway Inc.:

Reference no: EM13324585

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