Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Avon Barksdale is pald on a monthly basis. For the month of January of the current year, he earned a total of $8,688. Federal Insurance
Avon Barksdale is pald on a monthly basis. For the month of January of the current year, he earned a total of $8,688. Federal Insurance Contributions Act (FICA) tix for Social Security is 6.2% on the first $137,700 of earnings eoch calendar year and the Federal insurance Contributions Act (FICA) tax for Medicare is 1.45% of all earnings. The Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4% Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal lncome Tax withheld from his earnings was \$1,441.57. What is the amount of the employer's payroll toxes expense for this employee? (Round your intermediate calculations to two decimal places.) Multiple Choice $42000 51084,64 $2,62749 541892 $20530
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