An Employee Earns $5,500 Per Month Working for an Employer

question 218

Multiple Choice

An employee earns $5,500 per month working for an employer.The FICA tax rate for Social Security is 6.2% of the first $118,500 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings.The current FUTA tax rate is 0.6%,and the SUTA tax rate is 5.4%.Both unemployment taxes are applied to the first $7,000 of an employee's pay.The employee has $182 in federal income taxes withheld.The employee has voluntary deductions for health insurance of $150 and contributes $75 to a retirement plan each month.What is the amount the employer should record as payroll taxes expense for the employee for the month of January?

• A) $420.75
• B) $464.75
• C) $602.75
• D) $841.50
• E) $750.75

Understand the characteristics and implications of natural monopolies.

Identify examples and reasons for government-created monopolies.

Evaluate the effectiveness and consequences of government interventions in monopoly markets.

Recognize the conditions and strategies for price discrimination by monopolists.

---

Definitions:

Erik Erikson

A developmental psychologist known for his theory on the psychosocial stages of human development, which outlines eight stages from infancy to adulthood.

Daniel Levinson

A psychologist known for his theory on the stages of adult development, particularly the concept of a "mid-life crisis."

Albert Bandura

A renowned psychologist known for his work in social learning theory, emphasizing the importance of observing and modeling the behaviors, attitudes, and emotional reactions of others.

Midlife Crisis

A psychological and emotional phase that some individuals experience during middle age, often marked by self-reflection, life evaluation, and a desire for change.