. Payroll accounting. Assume that the following tax rates and payroll information pertain to…
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. Payroll accounting. Assume that the following tax
rates and payroll information pertain to Brookhaven Publishing:
Social Security taxes: 6% on the first $55,000
earned per employee
Medicare taxes: 1.5% on the first $130,000
earned per employee
Federal income taxes withheld from wages: $7,500
State income taxes: 5% of gross earnings
Insurance withholdings: 1% of gross earnings
State unemployment taxes: 5.4% on the first
$7,000 earned per employee
Federal unemployment taxes: 0.8% on the first
$7,000 earned per employee
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4099811-Week_Four_Exercise_Assignment.docx