Answered step by step
Verified Expert Solution
Question
1 Approved Answer
ABC is paying its employees for the work they have done during September, 2022. Each employee is paid $5,000 per month and ABC has
ABC is paying its employees for the work they have done during September, 2022. Each employee is paid $5,000 per month and ABC has eight (8) employees. The federal income tax being withheld is 20% for each employee, the state income tax being withheld is 5%, the Social Security being withheld is 6%. Given this information, what is the total amount that ABC will pay to government entities associated with this payroll (federal and state income tax and social security)? Please enter all amounts as a positive number with no dollar signs or commas. For example, if the answer is $2,100, enter 2100 10000
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