Answered step by step
Verified Expert Solution
Question
1 Approved Answer
G. E. Spring employs Trent Pelligrini at a salary of $46,300 a year. Spring is subject to employer Social Security taxes at a rate of
G. E. Spring employs Trent Pelligrini at a salary of $46,300 a year. Spring is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Pelligrini's salary. In addition, Spring must pay SUTA tax at a rate of 5.3% and FUTA tax at a rate of 0.8% on the first $7,000 of Pelligrini's salary. Compute the total cost to Spring of employing Pelligrini for the year. If required, round your answer to the nearest cent
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started