Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pharoah's Pet Sitting Service hired 2 part-time employees to keep up with business. Pharoah estimated the wages would be $6,800 per employee. Pharoah was concerned

image text in transcribed
Pharoah's Pet Sitting Service hired 2 part-time employees to keep up with business. Pharoah estimated the wages would be $6,800 per employee. Pharoah was concerned about how much payroll taxes would cost. Calculate Pharoah's total payroll taxes for FICA (the 7.65\% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128.400 and the Medicare tax rate of 1.45% on all salaries and wages), federal unemployment tax (0.6%), and state unemployment tax (5.4%). (Round answers to 2 decimal places, e. 52.75.) Total payroll taxes $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Using Microsoft Excel And Access 20 For Accounting

Authors: Glenn Owen

5th Edition

133751229X, 9781337512299

More Books