From the following information, calculate the payroll tax expense for Gray Company for the payroll of April

Question:

From the following information, calculate the payroll tax expense for Gray Company for the payroll of April 9:

image

The FICA tax rate for OASDI is 6.2% on the first $127,200 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 earned by each employee. The SUTA tax rate for Gray Company is 5.1% on the first $7,000 of earnings for state unemployment purposes.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

College Accounting A Practical Approach

ISBN: 9780134729312

14th Edition

Authors: Jeffrey Slater, Mike Deschamps

Question Posted: