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At the end of the weekly payroll period on June 30, 2019, the payroll register of Concord Consultants showed employee earnings of S62,500. Determine the
At the end of the weekly payroll period on June 30, 2019, the payroll register of Concord Consultants showed employee earnings of S62,500. Determine the firm's payroll taxes for the period. Use a social security rate of 6.2 percent, Medicare rate of 1.45 percent, FUTA rate of 0.6 percent, and SUTA rate of 5.4 percent. Consider all earnings subject to social security tax and Medicare tax and S35,000 subject to FUTA and SUTA taxes. (Round "Rate" answers to 2 decimal places.)
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