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Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $28,000 for the pay period.
Champaign Inc., a company that provides educational consulting services to large universities across the nation, has a gross payroll of $28,000 for the pay period. The entire payroll is subject to Social Security and Medicare taxes. Champaign must also withhold $3,360 in federal income tax from the employees and pay state unemployment tax of $75.
Assume that the Social Security tax rate is 6.2%, and Medicare tax rate is 1.45%.
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