Examlex

Solved

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) 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. 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:

Declaring War

The formal announcement by a sovereign or governmental authority that a state of war exists between it and another entity.

Congress

The legislative body of the United States government, composed of the House of Representatives and the Senate, responsible for making federal laws.

Military Expenditures

The total financial resources allocated by a government for the maintenance and operations of its armed forces.

United States

A country located primarily in North America, comprising 50 states and a federal district, known for its significant global economic and political influence.

Related Questions