From the following information, calculate the payroll tax expense for Gray Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127.200 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0 6% on the first $7,000 earned by each employ SUTA tax rate for Gray Company is 5.4% on the first $7,000 of employee earnings for state unemployment purposes. (Round to the nearest cent as needed.)
From the following information, calculate the payroll tax expense for Gray Company for the payroll of April (Click the icon to view the payroll) The FICA tax rate for OASDI is 6.2% on the first $127.200 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0 6% on the first $7,000 earned by each employ SUTA tax rate for Gray Company is 5.4% on the first $7,000 of employee earnings for state unemployment purposes. (Round to the nearest cent as needed.)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter8: Employer Taxes, Payments, And Reports
Section: Chapter Questions
Problem 4E
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Question
Transcribed Image Text:Employee
R. Frank
C. Hart
L. Peter
Cumulative Earnings Before Weekly Payroll
3,500
6,100
7,200
Gross Pay for the Week
925
600
290
Transcribed Image Text:From the following information, calculate the payroll tax expense for Gray Company for the payroll of April
(Click the icon to view the payroll)
The FICA tax rate for OASDI is 6.2% on the first $127,200 eamed, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0 6% on the first $7,000 earned by each employee. The
SUTA tax rate for Gray Company is 5.4% on the first $7,000 of employee earnings for state unemployment purposes. (Round to the nearest cent as needed.)
FICA-OASDI
FICA-Medicare
FUTA
SUTA
Total
112.53
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