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

question 33

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 deductions for the employees' paychecks.

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Definitions:

Derived

Obtained or developed from a source or through a process of reasoning or calculation.

Contracts

Legally binding agreements between two or more parties that specify and regulate the terms of an engagement, service, or transaction.

Positive Discipline

A disciplinary approach focusing on constructive feedback and encouraging employees to learn from their mistakes without fear of punitive actions.