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In September of 2017, total payroll for Kenny Rogers' Roasters was $960,000. Of this payroll amount, $800,000 of wages earned were in excess of
In September of 2017, total payroll for Kenny Rogers' Roasters was $960,000. Of this payroll amount, $800,000 of wages earned were in excess of $7,000 per employee. KRR witheld $180,000 for income taxes and $18,000 for union dues. The state unemployment tax is 3.5% on the first $7,000 of income per employee, but KRR pays a reduced rate of 1.2% based on a merit reduction. The current FICA tax rate is 7.65%, and the current FUTA rate is 6% on the first $7,000 of income per employee, with state unemployment taxes deductible up to a maximum of 5.4%. Assume the FICA tax limit has not been met for any employees and that all wages are immediately paid in cash. Based on this information, how much should Kenny Rogers' Roasters credit to "Cash" for after-witholdings wages paid to employees for September 2017? Exclude any commas or decimals from your answer. 688,560 Attempt #1: 1/1 (Score: 0/1)
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