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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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