Question
A company's employees had the following earnings records at the close of the current payroll period: Employees Earning through Prior Pay Period Earning this Pay
A company's employees had the following earnings records at the close of the current payroll period:
Employees | Earning through Prior Pay Period | Earning this Pay Period |
F. Argent.... | $11,300 | $3,900 |
A. Garza....... | 6,100 | 2,500 |
L. Hong.......... | 9,500 | 3,100 |
R. Levinson... | 4,800 | 1,400 |
J. Young....... | 10,000 | 3,000 |
The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $128,400 of earnings plus 1.45% FICA Medicare on all wages; 0.6% federal unemployment taxes on the first $7,000; and 5.4% state unemployment taxes on the first $7,000. Compute the employer's total payroll taxes expense for the current pay period.
What is the total employer payroll taxes? Answer below.
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