During the First Week of January, Nathan Mills Earned $800

question 66

Multiple Choice

During the first week of January, Nathan Mills earned $800. Assume that FICA taxes are 7.65 percent of wages up to $50,000; state unemployment tax is 5.0 percent of wages up to $13,000; and federal unemployment tax is 0.8 percent of wages up to $13,000. Assume that Nathan has voluntary withholdings of $40 (in addition to taxes) and that federal and state income tax withholdings are $72 and $24, respectively. What is the employer's payroll tax expense for the week, assuming that Nathan Mills is the only employee?

• A) $46.40
• B) $107.60
• C) $40.00
• D) $101.20

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Definitions:

Salary Allowances

Additional benefits or compensations given to employees over and above their regular salary, which could include housing, transportation, or medical allowances.

Net Income

The ultimate earnings of an enterprise once it has accounted for all expenditures and taxes against its total sales.

Liquidating Partnership

The process of dissolving a partnership by selling off assets, paying off liabilities, and distributing the remaining assets to partners.

Capital Accounts

Accounts that reflect the initial and subsequent contributions of owners or partners, along with their share of the net income or loss over time.