Question
On January 8, the end of the first weekly pay period of the year, Royal Company's payroll register showed that its employees earned $11,380 of
On January 8, the end of the first weekly pay period of the year, Royal Company's payroll register showed that its employees earned $11,380 of office salaries and $32,920 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $6,340 of federal income taxes, $670 of medical insurance deductions, and $420 of union dues. No employee earned more than $7,000 in this first period. |
Required: | |
1.1 | Calculate FICA Social Security taxes payable and FICA Medicare taxes payable by the employees of Royal Company. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) |
FICA |
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