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

question 18

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 federal income tax.

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Definitions:

Statistically Significant

A term indicating that a result from data analysis is unlikely to have occurred by chance.

Linear

Pertaining to or resembling a line; often used to describe relationships that can be graphically represented by a straight line.

Correlation Coefficient

The correlation coefficient is a numerical measure of some type of correlation and dependence, meaning statistical relationships between two or more variables.

Independent Variable

A variable in an experiment that is manipulated to observe its effect on a dependent variable.