Scenario 1: Watchdog Company has 10 employees. The template given has each work and their...
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Accounting
Scenario 1: Watchdog Company has 10 employees. The template given has each work and their cumulative earnings as of November 2, the companys last payday. The template also gives the gross amount of earnings to be paid each worker on the next payday, November 9.
In the state where Watchdog is located, the tax rates and bases are as follows:
Tax on Employees:
FICA OASDI 6.2% on the first $127,200
FICA HI 1.45% on total earnings
SUTA 0.5% on the first $8,000
Tax on employers:
FICA OASDI 6.2% on the first $127,200
FICA HI 1.45% on total earnings
FUTA 0.6% on first $7,000
SUTA 2.8% on the first $8,000
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