Deep Mouse Designs has 16 employees within Denver City and County. The employees earned $9.70 per...
Deep Mouse Designs has 16 employees within Denver City and County. The employees earned $9.70 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay.
Required:
What is the employee and company Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)
|
Homework Answers
Solution:
From the given data
Total salary = Total worked hours * Salary per hour
= 160 * $9.70
= $1,552
Each employee earns more than $500 every employee should pay occupational privilege tax
| Occupational Privilege Tax | |
| Employee | 16*$4 = $64 |
| Employer | 16*$5.75 = $92 |
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