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State unemployment compensation tax rates

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Reference no: EM131757530

The following summary data for the payroll period ended December 27, 2015, are available for Cayman Coating Co.:

     
Gross pay $ 172,000
FICA tax withholdings   ?
Income tax withholdings   20,640
Group hospitalization insurance   2,540
Employee contributions to pension plan   ?
Total deductions   41,650
Net pay   ?

Additional information:

  • For employees, FICA tax rates for 2015 were 7.65% on the first $118,500 of each employee's annual earnings. However, no employees had accumulated earnings for the year in excess of the $118,500 limit. 
  • For employers, FICA tax rates for 2015 were also 7.65% on the first $118,500 of each employee's annual earnings.
  • The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee's annual earnings. Only $18,000 of the gross pay amount for the December 27, 2015, pay period was owed to employees who were still under the annual limit.

Reference no: EM131757530

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