Examlex

Solved

Mr Zee Worked 48 Hours During the Week Ended January

question 42

Multiple Choice

Mr. Zee worked 48 hours during the week ended January 18, 2019. He is paid $12 per hour, and is paid time-and-a-half for all hours over 40 in a week. He had $100 withheld from his pay for federal income taxes, and $20 withheld for health insurance. The combined social security and Medicare tax rate is 7.65%, and the federal and state unemployment tax rates are 0.6% and 3.8%, respectively. All earnings are taxable. What is the total employer payroll tax expense for Mr. Zee's current paycheck?


Definitions:

Direct Labor-Hours

The cumulative hours that employees, who are actively engaged in the production process or delivering a service, put in.

Raw Materials Cost

The total cost associated with acquiring raw materials that are necessary for manufacturing goods.

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Budgeted Balance Sheet

A forecasted statement of a company's financial position, including assets, liabilities, and equity, at the end of a specified period.

Related Questions