8-74A (Algorithmic) Payroll Accounting Stadium Manufacturing has the following data available for its September 30, 2019, payroll: Wages earned Federal income taxes withheld $338,000 * 85,500 * All subject to Social Security and Medicare matching and withholding of 6.2% and 1.45%, respectively. Federal unemployment taxes of 0.80% and state unemployment taxes of 1.20% are payable on $318,000 of the wages earned. Required: If required, round your answers to the nearest cent. 1. Compute the amounts of taxes payable and the amount of wages that will be paid to employees. Social Security $ 20,956 Medicare $ 4,901 Federal unemployment 2,544 State unemployment 3,816 Net pay 226,643 Feedback 1. Payroll taxes are withheld from employee wages and salaries, and then paid to the taxing authority. 2. Conceptual Connection: Stadium Manufacturing would like to hire a new employee at a salary of $50,000. Assuming the payroll taxes are as described above (with unemployment taxes paid on the first $7,000) and fringe benefits (e.g., health insurance, retirement, etc.) are 30% of gross pay, what will be the total cost of this employee for Stadium? Round your answer to two decimal places. 68,825 X Feedback Check My Work 2. Determine total costs associated with the employee. Feedback Check My Work