BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
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On Elmer’s first $7, 000 of earnings, his employer must pay FICA tax of 7.65%, FUTA tax of 6.2%, and SUTA tax of 0.5%. How much does each employer pay in legally required taxes on Elmer’s $7, 000 of earnings?
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$535.50
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$434
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$1, 004.50
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35
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Explanation:
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