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Exercise 11.3 (Algo) Computing employer's payroll taxes. LO 11-2, 11-6 At the end of the weekly payroll period on June 30, the payroll register
Exercise 11.3 (Algo) Computing employer's payroll taxes. LO 11-2, 11-6 At the end of the weekly payroll period on June 30, the payroll register of Concord Consultants showed employee earnings of $71,700. 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 $41,314 subject to FUTA and SUTA taxes. (Round your answers to 2 decimal places.) Tax Social security Medicare FUTA SUTA Total Base Rate Amount % % % 10 % $ 0.00
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