Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress According to a payroll register summary of Blossom Company, the amount of employees' gross pay in December was $ 8 6

image text in transcribed
Current Attempt in Progress
According to a payroll register summary of Blossom Company, the amount of employees' gross pay in December was $867,000, of which $89,600 was not subject to Social Security taxes of 6.2% and $825,000 was not subject to state and federal unemployment taxes.
Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65%(the 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages), state unemployment 5.4%, and federal unemployment 0.6%.(Round answer to O decimal places, e.g.125.)
Payroll tax expense
$
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin

6th Canadian edition

134564146, 978-0134141091, 134141091, 978-0134564142

More Books

Students also viewed these Accounting questions

Question

Discuss factors to consider when importing products and materials.

Answered: 1 week ago