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Lee Financial Services pays employees monthly. Payroll information is listed below for January 2013, the first month of Lee's fiscal year. Assume that none of
Lee Financial Services pays employees monthly. Payroll information is listed below for January 2013, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.
Salaries $ 440,000
Federal income taxes to be withheld 88,000
Federal unemployment tax rate 0.60 %
State unemployment tax rate (after FUTA deduction) 5.40 %
Social security tax rate 6.20 % Medicare tax rate 1.45 %
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