The Following Data Applies to the July 15 Payroll for the Woodard

question 90

Short Answer

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2) Assume:
FICA-OASDI is 6.2% based on a limit of $128,400.
FICA-Medicare is 1.45%.
FUTA is .8% based on a limit of $7,000.
SUTA is 5.6% based on a limit of $7,000.
State income tax is 2.8%.
-Compute the total gross earnings.

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Definitions:

MAD

Mean Absolute Deviation, a measure used in statistics to quantify the average absolute dispersion or deviation from the mean or average.

Materials Management

The function responsible for planning, sourcing, moving, and storing materials required to produce goods and services.

Physical Supply

The actual, tangible products and raw materials available in the market or held by a company.