1. The hollowing payroll information is provided for Larry's Limos: Larry pays 150% of the hourly wage for hours worked in excess of 40 . Larry matches any employee contributions to their IRA. Social Security/Medicare (FICA) rate is 7.65%. State Unemployment Tax (SUTA) rate is 2.5%. Federal Unemployment Tax (FUTA) rate is 0.5%. What is the total cost of Larry's payroll? 2. Your friend, Ringo, performs music in addition to his regular job as an accountant at Amazon. His financial records for this side business include the following: Receipts from clients (Revenue): $8,400 Supplies Expense: $150 Vehicle Expense: $60 Value of vehicle: $6,000 Value of instruments: $3,000 Ringo has licensed his business with the state as a Limited Liability Company. He is required to pay excise tax ( 2% of net income) and property tax ( 3% of property value) in addition to additional federal income tax resulting from the net income of his music business listed on Schedule C. He is also liable for Self-employment tax at the rate of 15.3% of the net income reported on his Schedule C. If Ringo's marginal income tax rate (the amount charged for the net income reported on Schedule C) is 18%, how much must he pay in the various taxes listed? a. Excise tax- b. Property tax- c. Income tax- d. Self-employment tax- Round all amounts to the nearest penny. 1. dollars 2. a. dollars b. dollars c. dollars d. dollars