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Freedom Inc. has 8 employees within Denver City and County. All of the employees worked a predominant number of hours within the city. The employees earned $9.80 per hour and worked 160 hours each during the month. The employer must remit $4.00 per month per employee who earns more than $500 per month. Additionally, employees who earn more than $500 per month must have $5.75 withheld from their pay.
What is the employee and company Occupational Privilege Tax for these employees? (Round your answers to 2 decimal places.)

Sagot :

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Answer:

Employer = $32

Employee = $46

Explanation:

Given that :

Number of employees = 8

Earning per hour = $9.80

Hours worked per month per employer = 160

Amount employer must remit per employee who earns more than $500 = $4

Employees who earn more than $500 must have $5.75 withheld

Total earning per employee per month :

$9.80 * 160 = $1568

Earning is beyond $500

Hence,

Amount withheld from employee :

8 * $5.75 = $46

Amount remitted by employer :

8 * $4 = $32

Hence,

The occupational privilege tax for ;

Employer = $32

Employee = $46

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