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

question 89

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 employees' FICA-Medicare.

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Definitions:

Outstanding Checks

Checks issued by a company that have not yet been cashed or cleared by the bank.

Deposits in Transit

Funds that have been received and recorded by a company but not yet credited by the bank, often seen in the reconciliation of bank statements.

Bank Statement Balance

The ending balance on a bank statement, representing the total amount of money in an account as recorded by the bank at the end of a given period.

Petty Cash Account

A small amount of cash kept on hand to pay for minor or incidental expenses.