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How would you calculate the fica taxes payable

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Reference no: EM131915574

Question - Rand Company's payroll on December 31 of the current year is as follows:

Total payroll, $500,000

Payroll in excess of $100,000 to each employee, $350,000

Payroll in excess of $7,000 to each employee, $400,000

Income taxes withheld, $85,000

Union dues withheld, $10,000

Tax rates: State unemployment tax, 5.4%; F.I.C.A. tax, 6% for employees and 8% for employers for any amounts over $100,000; federal unemployment tax, 0.6%

How would you calculate the FICA Taxes Payable?

Reference no: EM131915574

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