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.

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Definitions:

Virtual Organization

A network of independent entities that collaborate through information technology to achieve common goals, often without a centralized physical office.

Strategic Alliances

Partnerships between two or more companies that come together to pursue mutual goals while remaining independent organizations.

Information Technology

Information technology is the use of computers, software, networks, and other electronic devices to store, process, retrieve, transmit, and protect information.

Matrix Organization

A flexible organizational structure that combines elements of both functional and project-based divisions, allowing for more dynamic assignment of tasks and responsibilities.