ACC 537 STUDY Extraordinary Success/acc537study.com ACC 537 STUDY Extraordinary Success/acc537study.c | Page 9

www.acc537study.com
ACC 537 Week 3 Textbook Problem 11-4 Per Company Truck
===================================================
ACC 537 Week 3 Textbook Problem P13 4 Otis Import
Company (Team Paper and Solution)
FOR MORE CLASSES VISIT
www.acc537study.com
Below is a payroll sheet for Otis Import Company for the month of
September 2014. The company is allowed a 1% unemployment
compensation rate by the state; the federal unemployment tax rate is
0.8% and the maximum for both is $7,000. Assume a 10% federal
income tax rate for all employees and a 7.65% FICA tax on employee
and employer on a maximum of $113,700. In addition, 1.45% is
charged both employer and employee for an employees wages in
excess of $113,700 per employee.