According to a summary of the payroll of Scotland Company,salaries for the period were $500,000.Federal income tax withheld was $98,000.Also,$15,000 was subject to state (4.2%)and federal (0.8%)unemployment taxes.All earnings are subject to social security tax of 6.0% and Medicare tax of 1.5%.
Definitions:
Exchange Rate
The price of one currency in terms of another for conversion purposes.
Yuan
The official currency of the People's Republic of China.
Economic Growth
An increase in the production of goods and services in an economy over a period of time, typically measured by GDP.
Current Account
A country's transactions with the rest of the world, covering trade in goods and services, net earnings on investments, and net transfer payments.
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