Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,738. FICA tax

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,738. FICA tax for Social Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,449.87. What is the amount of the employer's payroll taxes expenses for this employee?(Round your intermediate calculations to two decimal places.)

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

Essentials Of Forensic Accounting

Authors: Michael A Crain, William S Hopwood,

1st Edition

1941651100, 978-1941651100

More Books

Students also viewed these Accounting questions

Question

What are the main reasons of using a VPN?

Answered: 1 week ago