The Following Data Applies to the July 15 Payroll for the Woodard

question 90

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 gross earnings.

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Definitions:

Stock Subscription

An agreement to purchase a specified number of shares in a company, often before they are available to the general public.

Board Of Directors

A group of individuals elected to represent shareholders and oversee the management and major decisions of a corporation.

Stock Warrants

Financial instruments that give the holder the right, but not the obligation, to buy shares of a company at a specified price before the warrant expires.

Redeemed

Refers to the process of exchanging a financial instrument, such as a bond or coupon, for its cash value or for another specified benefit.