Rock Adventures Has 15 Employees Each Working 40 Hours Per

question 100

Multiple Choice

Rock Adventures has 15 employees each working 40 hours per week and earning $30 an hour.Federal income taxes are withheld at 15% and state income taxes at 6%.FICA taxes are 7.65% and unemployment taxes are 3.8% of the first $7,000 earned per employee.What is the employer's total payroll tax expense for the first week of January?

• A)$1,377.
• B)$3,141.
• C)$2,061.

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Definitions:

Average Amount

This term refers to the mean value or central tendency of a set of numerical values, calculated as the sum of the values divided by the number of values.

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Collection Time

The average period it takes for a business to receive payments owed by its customers, reflecting on the efficiency of its credit policies and cash management.

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The return on investment for Treasury bills, which are short-term government securities.