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Gary Shop pays $4,269 to each of its 2 employees for the month of January of the current year. FICA tax rate for social security
Gary Shop pays $4,269 to each of its 2 employees for the month of January of the current year. FICA tax rate for social security is 6.2% and the FICA tax for medicare is 1.45% of all employees earnings each calendar year. 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 each employee's pay. The amount of federal income withheld from the two employees' earnings was total $1,416.67. What is the amount of Gary shops' payroll taxes expenses in January?
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