ABC Consulting Had Two Employees with the Following Earnings Information

question 3

Multiple Choice

ABC Consulting had two employees with the following earnings information:

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Use the table above to calculate the employer payroll income taxes associated with Henry's December 15 paycheck given the following tax rates: Social Security tax of 6.2% is levied on the first $122,700 of annual wages and the Medicare tax rate is 1.45% on all earnings. State unemployment tax of 5.4% and federal unemployment tax of 0.6% are both levied on only the first
$7,000 of each employee's annual earnings.

• A)$484.00
• B)$244.00
• C)$58.00
• D)$111.60

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