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.

---

Definitions:

Supply Chain Strategy

An operational framework designed to achieve competitive advantage and optimize efficiency, focusing on the flow of goods, information, and finances from supplier to customer.

Procurement

The method of locating, negotiating terms, and obtaining products, services, or projects from an outside source, typically through a tendering or competitive bidding procedure.

Supply Chain Strategy

The overall approach and planning of activities and resources to efficiently manage the flow of goods, information, and finances from supplier to customer.

Procurement

The process of finding, acquiring, buying goods, services, or works from an external source, often via a tendering or competitive bidding process.