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At the end of the weekly payroll period on June 30, the payroll register of Known Consultants showed employee eamings of $50,000. Determine the firm's
At the end of the weekly payroll period on June 30, the payroll register of Known Consultants showed employee eamings of $50,000. 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 $40,000 subject to FUTA and SUTA taxes, (Round your answers to 2 decimal places.)
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