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Ben's Mentoring had the following information for the pay period ending September 30: Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the total gross earnings for the office.
Corporate Formalities
The procedures, rules, and policies that a corporation must follow to ensure legality and protect its shareholders.
Annual Meeting
A yearly gathering of the members or shareholders of an organization to discuss its performance, elect leadership, or make decisions on corporate issues.
Directors
Directors are individuals elected to a corporation's board to oversee and guide the organization's policies and direction.
Fiduciary Duty
A legal obligation of trust requiring an individual to act in the best interests of another party, often seen in the context of trustees, guardians, and financial advisors.
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