Question
1. A random Company had the following amounts taken from their monthly payroll register: Salaries expense: $265,400 Social security and medicare taxes withheld: 19,905 Income
1. A random Company had the following amounts taken from their monthly payroll register:
Salaries expense: $265,400 Social security and medicare taxes withheld: 19,905 Income taxes withheld: 53,080 Retirement savings: 18,300 Salaries subject to federal and state unemployment taxes of 6.2%: 65,000
How much is the total payroll expense (Payroll + Payroll taxes) for the business?
Assume the monthly salaries expense remains the same for the entire year and no employees are hired or fired during that time. Based on what you learned in Chapter 11 about payroll taxes, do you expect the total payroll expense to stay the same every month? Explain in your own words.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started