Colin Street Body Shop has the following information for the pay period ending March 31st:...
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Colin Street Body Shop has the following information for the pay period ending March 31st: Employee Pay Rate Name b. Smith $2,500 M. Jones $15/hr Federal Income Hours YTD Tax Worked Earnings Withheld Salary $27,500 $4,125 45 $7,200 $1,080 Assume the following: FICA-SS Tax Rate is 6.2% FICA-Medicare Tax Rate is 1.45% FUTA Tax Rate is 0.6% on the first $7,000 of wages paid SUTA Tax Rate is 5% on the first $9,000 of wages paid From the information provided above, what would be the amount of Wage Expense recorded? a. $2,500.00 Ob. $3,212.50 Oc. $712.50 O d. 53,175.00
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