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

question 42

Multiple Choice

The following data applies to the July 15 payroll for the Woodard Research Firm (overtime is paid at 1 1/2)
$$\begin{array} { l r c r c c } \text { Employee Name } & \text { Pay Rate } & \text { Hours } & \text { Cumulative } & \text { Department } & \text { Federal Income } \\ & & \text { Worked } & & & \text { Tax Withheld } \\\hline\text { B. Woodard } & \$ 2,000 / \text { wk } & \text { Salaried } & \$ 98,000 & \text { Office } & \$ 779.00 \\\text { J. Thomas } & 13.00 & 51 & 40,000 & \text { Shop } & 320.00 \\\text { K. McCann } & 17.00 & 46 & 42,000 & \text { Shop } & 330.00\end{array}$$ Assume:
FICA-OASDI is 6.2% based on a limit of $117,000.
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%.
-How often is a 940 filed?

• A)Monthly
• B)Annually
• C)Weekly
• D)Quarterly

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