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02) An 128,500 Working Quiz-Current Liab & Payroll Help Save & ExitSubmit An ermployee earns $6,450 per month working for an employer The FICA tax rate for Social Security is 62% of the first S 118.500 of earnings each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and SUTA tax rate is 54% Both unemployment taxes are applied to the first $7,000 of an employees pay. The employee has $220 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $188 and contributes $94 to a retirement plan each month. What is the amount the employer should record as payroll taxes expense for the employee for the month of January? (Round your intermediate calculations to two decimal places.) Multiple Choice $1,100.43 $748.20 $438.60 $880.43 K Prev 22 of 25 Next>
$1100.43 $748.20 $438.60 $399.90 < Prev 22 of 25 Next>
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Answer #1

AC) 41 42 43 Social Security Tax Payable (6450*6.2%) Medicare Tax Payable (6450*1.45%) State Unemployment Tax Payable (64501696) Federal Unemployment Tax Payable (6450*5.4%) Employer Payroll Taxes 399.9 93.525 38.7 348.3 880.43 44 45 46 47 ASS Answer d) $880.43

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