Homework Help: Business Maths

Posted by Peaches on Monday, December 7, 2009 at 7:48am.

Prior to the last weekly payroll period of the calendar year, the cumulative earnings of employees A and B are $99,350 and $91,000 respectively. Their earnings for the last completed payroll period of the year are $850 each. The amount of earning subject to social security tax at 6% is $100,000. All earnings are subject to Medicare tax of 1.5%. Assuming that the payroll will be paid on December 29, what will be the employer’s total FICA tax for this payroll period on the two salary amounts of $850 each?

No one has answered this question yet.

Answer this Question

Related Questions

Accouting - Please can you show me how to do it. An employee receives an hourly ...
accounting - How do I figure FUTA/SUTA earnings? This is what my book gives: ...
math - The median weekly earnings for people working in sales is $450. Assume ...
Math - The median weekly earnings for people working in sales is $450. Assume ...
statistics - A sample of 25 different payroll depts. found that the employees ...
business - Computer World inc. paid out $22.5 million in total common dividends ...
Algebra 1 - a recent 12 year period,, the total government payroll in the US can...
Algebra - For 1980 through 1990, the average weekly earnings (in dollars)for ...
maths plz help me - TOP electronics is a small business with five employees. the...
Finance - Fine Breads Inc. paid out $26,000 common dividends during 2005, and it...

For Further Reading

First Name:
School Subject:
Answer: