Triston Vale Is Paid on a Monthly Basis

question 115

Multiple Choice

Triston Vale is paid on a monthly basis.For the month of January of the current year,he earned a total of $5,210.FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%.The FUTA tax rate is 0.6%,and the SUTA tax rate is 5.4%.Both unemployment taxes are applied to the first $7,000 of an employee's pay.The amount of Federal Income Tax withheld from his earnings was $885.70.What is the amount of the employer's payroll taxes expenses for this employee?

• A)$1,284.27
• B)$312.60
• C)$398.57
• D)$711.17
• E)$1,596.87

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Definitions:

Snow Removal

Services or actions taken to clear snow from roads, sidewalks, and other surfaces, typically considered a maintenance expense for businesses in areas with snowfall.

Provided

Refers to the information or items that have been supplied or made available.

Accrual Basis

An accounting method where revenues are recorded when earned and expenses are recorded when incurred, regardless of when cash is exchanged.

Cash Received

Money that a business or individual has taken in, whether from transactions, investments, or other sources.