1. XYZ Co. (a small business) employs 5 financial analysts, each earning $58,000. The employees each report $58,000 of earnings and the company gets to deduct the total of $58,000 per employee as business expense. What are the total payroll taxes paid by all five employees?

2. XYZ Co. (a small business) employs 5 financial analysts, each earning $58,000. The employees each report $58,000 of earnings and the company gets to deduct the total of $58,000 per employee as business expense. What are the total payroll taxes paid by the employer?

3. Now assume XYZ Co. (a small business) installed a qualified profit sharing plan and rethought employee compensation. The company will contribute 15% of payroll to the plan. Each of the 5 financial analysts now earns $49,300 but gets a $8,700.00 contribution added to their profit sharing account. What are the total payroll taxes paid by the five employee?

4. Now assume XYZ Co. (a small business) installed a qualified profit sharing plan and rethought employee compensation. The company will contribute 15% of payroll to the plan. Each of the 5 financial analysts now earns $49,300 but gets a $8,700.00 contribution added to their profit sharing account. What are the payroll taxes paid by the employer?