An Employee Has Gross Earnings of $1000 and Withholdings of $60

question 107

Multiple Choice

An employee has gross earnings of $1000 and withholdings of $60 FICA (OASDI and Medicare) ,and $50 for income taxes (FIT and SIT) .The employer pays $60 FICA (OASDI and Medicare) ,$10 for SUTA,and $5.60 FUTA.What is the employer's total cost of the employee?

• A)$915.60
• B)$1,075.60
• C)$975.60
• D)$1,035.60

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Definitions:

Merger Failures

Occurrences where the process of combining two or more companies into a single entity fails to achieve anticipated benefits, leading to operational or financial issues.

Valuation-Driven Acquisition

The process of buying a company based on the assessment of its value, often with the objective of acquiring it at a price that is perceived to be below its true worth.

Economic Cycles

Fluctuations in economic activity experienced by a country or the global economy over time, including periods of expansion, peak, contraction, and trough.

Pension Plans

Financial programs established by employers or governments to provide income to employees after retirement.