Mission Company Has Three Employees What Is Mission Company's Amount for Payroll Taxes for Cain

question 33

Multiple Choice

Mission Company has three employees
$\begin{array} { c c c } & \text { Gross Pay through July } & \text { Gross Pay for August } \\\text { Smith } & \$ 3,200 & \$ 1,000 \\\text { Cain } & 25,800 & 3,500 \\\text { Clark } & 94,600 & 13,100\end{array}$
$\begin{array} { l c l } \text { Tax } & \text { Rate } & \text { Applied To } \\\text { FICA-Social Security } & 6.20 \% & \text { First } \$ 106,800 \\\text { FICA-Medicare } & 1.45 & \text { All gross pay } \\\text { FUTA } & .80 & \text { First } \$ 7,000 \\\text { SUTA } & 5.40 & \text { First } \$ 7,000\end{array}$
What is Mission Company's amount for payroll taxes for Cain?

• A) $1,705.95
• B) $1,973.70
• C) $2,241.45
• D) $267.75
• E) $484.75

Understand the characteristics and benefits of the corporate form of organization.

Learn about the process and implications of issuing stock and the concept of par value.

Comprehend the various rights and responsibilities of stockholders in a corporation.

Understand how corporations are taxed and the implications of double taxation on dividends.

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Definitions:

Satisfied Needs

The fulfillment of a consumer's requirements or desires through the consumption of products or services.

Communicate

The process of conveying information, feelings, or ideas from one person or group to another through various means.

Environmental Force

External factors that impact an organization’s operations, including social, economic, technological, environmental, and political conditions.

Communicate

The process of transferring information, ideas, thoughts, feelings, and concepts from one person or entity to another through various means.