An Employee Earned $4,600 in February Working for an Employer

question 91

Multiple Choice

An employee earned $4,600 in February working for an employer.Cumulative earnings of the previous pay periods are $4,800.The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%.The current FUTA tax rate is 0.6%,and the SUTA tax rate is 4.4%.Both unemployment taxes are applied to the first $7,000 of an employee's pay.What is the amount the employer should record as payroll taxes expense for the month of February?

• A)$581.90
• B)$110.00
• C)$351.90
• D)$461.90
• E)$230.00

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Definitions:

Gottfredson's Theory

A cognitive career theory that emphasizes the role of self-concept and societal stereotypes in career development, focusing particularly on how individuals eliminate career options that do not fit their self-image.

Truncated Search

A search process that is shortened or cut off before it is completed, often due to time constraints or the satisfaction of minimum criteria.

Compromise

A way of reaching an agreement where each party makes concessions.

Minimize

To reduce something to the smallest possible amount or degree.