Baker Company Payroll Tax Expense
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Baker Company has three employees. Its payroll information is given below
Employee Earning prior October
To October earnings
John $78,200 $11,230
Alice 6,430 $1,280
Frank 3,060 1,210
Assume that the following tax rates are currently in effect.
Tax rate ceiling
FICA:
OASDI 6.2% $97,500
MEDICARE 1.45% NO CELLING
FUTA 2.6% 7,000
SUTA 3.6% 7,000
Required: Compute Baker Company's payroll tax expense for October.
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The solution explains how to calculate the amount of payroll tax expense
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Baker Company has three employees. Its payroll information is given below
Employee Earning prior October
To October earnings
John $78,200 $11,230
Alice 6,430 $1,280
Frank 3,060 ...
Purchase this Solution
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