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

question 99

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 state income tax.

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Definitions:

HR Budget Process

The planning and allocating of resources within the human resources department to meet its objectives efficiently.

Staffing Table

A detailed outline used by organizations to identify the current and future human resource requirements of each department, including job titles and the number of positions needed.

Operational Assumptions

Preconceived notions or expectations about how daily business operations should proceed or will occur.

Scenario Planning

A strategic planning method that organizations use to visualize and prepare for various future conditions or events.