Question
From the following information, calculate the payroll tax expense for Franklin Company for the payroll of April 9: Employee Cumulative Earnings Before Weekly Payroll Gross
From the following information, calculate the payroll tax expense for Franklin Company for the payroll of April 9:
Employee | Cumulative Earnings Before Weekly Payroll | Gross Pay for the Week | ||||
O. Barns |
| $3,500 | $900 | |||
K. Larry |
| 6,400 | 700 | |||
X. Oakland |
| 7,400 |
|
| 250 |
|
The FICA tax rate for OASDI is 6.2% on the first $127,200 earned, and Medicare is 1.45% on all earnings. Federal unemployment tax is 0.6% on the first $7,000 earned by each employee. The SUTA tax rate for Franklin Company is 5.4% on the first $7,000 of employee earnings for state unemployment purposes.
ANSWER HERE:
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