During the First Week of February,Gabe Hopen Earned $300

question 31

Multiple Choice

During the first week of February,Gabe Hopen earned $300.Assume that FICA taxes are 7.65 percent of wages up to $106,800,state unemployment tax is 5.0 percent of wages up to $13,000,and federal unemployment tax is 0.8 percent of wages up to $13,000.Assume that Gabe has voluntary withholdings of $10 (in addition to taxes) and that federal and state income tax withholdings are $18 and $6,respectively.
-Using the information above,what is the employer's payroll tax expense for the week,assuming that Gabe Hopen is the only employee?

• A) $24.00
• B) $40.35
• C) $28.00
• D) $17.40

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Definitions:

Horizontal Merger

A horizontal merger is a business consolidation that occurs between firms who operate in the same industry, often leading to synergies, increased market share, and potentially higher market power.

Conglomerate Merger

A merger between firms that operate in entirely different industries, often aimed at diversification and risk reduction.

Trust

A legal arrangement where one party holds assets on behalf of another, or confidence in the reliability and integrity of a person or entity.

Interstate Commerce Commission

A regulatory agency in the United States established to oversee railroad operations and later expanded to oversee other modes of transportation.