From the following information, calculate the payroll tax expense for Silk Company for the payroll of November $29$:

The FICA tax rate for Social Security is $6\mathrm{.}2\%$ on the first $$142,800$ earned, and Medicare is $1\mathrm{.}45\%$ on all earnings. Federal unemployment tax is $0\mathrm{.}6\%$ on the first $$7,000$ earned by each employee. The SUTA tax rate is $6\mathrm{.}1\%$ on the first $$7,000$ of earnings for state unemployment purposes.

Solution