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could I get an explanation and answer to question 7 please? Question 7 Gary Shop pays $5,500 to each of its 2 employees, with a
could I get an explanation and answer to question 7 please?
Question 7 Gary Shop pays $5,500 to each of its 2 employees, with a total of $11,000, for the month of January of the current year. - FICA tax rate for Social Security is 6.2% and the FICA tax for Medicare is 1.45% of each employee's earnings each calendar year. - The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of each employee's pay. - The amount of Federal Income Tax withheld from the two employees' earnings was totaled $2,386.67. - Gary also provides medical issuance to its employees. The employee shares totaled $1,900 for the two employees. What is the amount of Gary Shop's payroll taxes expenses in January? (Round your intermediate calculations to two decimal places.) $5,788.18$1,501.5$841.5Step by Step Solution
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