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Ben's Mentoring had the following information for the pay period ending September 30: Assume:
FICA-OASDI applied to the first $128,400 at a rate of 6.2%.
FICA-Medicare applied at a rate of 1.45%.
FUTA applied to the first $7,000 at a rate of 0.8%.
SUTA applied to the first $7,000 at a rate of 5.6%.
State income tax is 3.8%.
Employees contribute to their retirement fund at a rate of 5.5% of their gross earnings.
-Compute the net pay.
Recognized
Acknowledged or known from one’s achievements, status, or attributes by others.
Federal Unemployment Tax
A tax imposed on employers to fund state workforce agencies. Employers pay this tax to finance unemployment compensation benefits for workers who have lost their jobs.
Form 940
A tax form filed by employers to report their annual Federal Unemployment Tax Act (FUTA) tax.
Failure to Assign Ownership
A situation where responsibilities or tasks are not clearly assigned to specific individuals or teams, often leading to confusion and lack of accountability.
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