Using the Information Below, Determine the Amount of the Payroll

question 22

Essay

Using the information below, determine the amount of the payroll tax expense for B. Hope Company's first payroll of the year. In your answer list the amounts for FICA (OASDI and Medicare), SUTA, and FUTA. Assume:
FICA tax rates are: OASDI 6.2% on a limit of $128,400 and Medicare 1.45%.
State Unemployment tax rate is 5.0% on the first $7,000.
Federal Unemployment tax rate is 0.8% on the first $7,000.

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Definitions:

Role Playing

A technique or exercise where individuals act out roles or scenarios to develop skills, solve problems, or gain an understanding of different perspectives.

Physical Instructions

Directions or guidelines provided in a tangible format, such as printed manuals or face-to-face demonstrations, especially for tasks requiring physical actions.

Coaching

is a process of guiding an individual or team to reach goals and improve performance through specific techniques and supportive feedback.

Attending Skills

Essential communication skills, such as eye contact, body language, and active listening, that show a person is fully engaged and present with the speaker.