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Accurate Reports has 50 employees each working 39 hours per week and earning $30 an hour. Federal income taxes are withheld at 15% and state
Accurate Reports has 50 employees each working 39 hours per week and earning $30 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% of the first $118,500 earned per employee and 1.45% thereafter. Unemployment taxes are 6.20% of the first $7,000 earned per employee. 1. Compute the total salaries expense, the total withholdings from employee salaries, and the actual direct deposit of payroll for the first week of January. (Round your intermediate and final answers to the nearest dollar amount.) Total salaries expense Total withholdings Actual direct deposit 2. Compute the total payroll tax expense Accurate Reports will pay for the first week of January. (Round your intermediate and final answers to the nearest dollar amount.) otal payroll tax expense
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