The Payroll Records of a Company Provided the Following Data

question 78

Essay

The payroll records of a company provided the following data for the currently weekly pay period ended March 7:
Assume that the Social Security portion of the FICA taxes is 6.2% on the first $110,100 (for 2012) and the Medicare portion is 1.45% of all wages paid to each employee for this pay period.The federal and state unemployment tax rates are 0.8% and 5.4%,respectively,on the first $7,000 paid to each employee.
Calculate the net pay for each employee.

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Definitions:

Military

The armed forces of a country, responsible for defending it from external threats and ensuring internal security, often involving significant personnel and technology.

Capital Stock

The total value of all durable goods available for use in production, including machinery, buildings, and equipment.

Increase

A situation where there is a rise in quantity, size, number, value, or intensity of a particular economic variable or element.

Sub-Prime Loan

A type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans, usually because of poor credit histories.