MRI Company has one employee. FICA Social Security taxes are 6.20% of the first
ID: 2375500 • Letter: M
Question
MRI Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.80% and SUTA taxes are 2.90% of the first $7,000 paid to its employee.
Compute MRI%u2019s amounts for each of the above four taxes as applied to the employee%u2019s gross earnings for September under situation (a). (Round your answers to 2 decimal places. Omit the "$" sign in your response)
Compute MRI%u2019s amounts for each of the above four taxes as applied to the employee%u2019s gross earnings for September under situation (b). (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places. Omit the "$" sign in your response)
Compute MRI%u2019s amounts for each of the above four taxes as applied to the employee%u2019s gross earnings for September under situation (c). (Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places. Omit the "$" sign in your response)
MRI Company has one employee. FICA Social Security taxes are 6.20% of the first $106,800 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For MRI, its FUTA taxes are 0.80% and SUTA taxes are 2.90% of the first $7,000 paid to its employee.
Explanation / Answer
Can you tell me how you got the Credit Emloyee Federal income taxes payable?
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