In addition to the salary expense, the preschool must pay federal payroll taxes (FICA taxes) in...
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In addition to the salary expense, the preschool must pay federal payroll taxes (FICA taxes) in the amount of 7.65% of salary expense. The preschool leases its facilities from a local church, paying $4,090 every month it operates. Fixed operating expenses (telephone, internet access, bookkeeping services, and so forth) amount to $880 per month over the nine-month school year. Variable monthly expenses (over the nine-month school year) for art supplies and other miscellaneous supplies are $9 per child. Revenue for the entire nine-month school year from tuition, registration fees, and the lunch program is projected to be $243,600. In addition to the salary expense, the preschool must pay federal payroll taxes (FICA taxes) in the amount of 7.65% of salary expense. The preschool leases its facilities from a local church, paying $4,090 every month it operates. Fixed operating expenses (telephone, internet access, bookkeeping services, and so forth) amount to $880 per month over the nine-month school year. Variable monthly expenses (over the nine-month school year) for art supplies and other miscellaneous supplies are $9 per child. Revenue for the entire nine-month school year from tuition, registration fees, and the lunch program is projected to be $243,600.
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