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PLEASE SHOW WORKING OF THE FOLLOWING, ANSWERS ARE CORRECT I NEED WORKINGS A small firm that designs and manufactures custom skateboards has two employees that
PLEASE SHOW WORKING OF THE FOLLOWING, ANSWERS ARE CORRECT I NEED WORKINGS
A small firm that designs and manufactures custom skateboards has two employees that receive $1, 160 gross pay per semimonthly pay period and four employees that receive $830 gross pay per semimonthly pay period. The company manager needs to determine how much to include in her budget for each employee. Starting in January, the company will be contribution $47 per day period to each employee's retirement fund. The company is in a state that has a maximum of $7,000 gross pay for SUTA and is required to pay 5.4% of the first $7,000 for each employee Recall that employees pay a Social Security withholding tax rate of 5.0% for each employee on the first $110, 100 of wages and a Medicare withholding tax rate of 1.45%. Complete parts 1-4 below. Calculate the cost (salary employer's portion of Social Security and Medicare pension. etc) to the company for an employee with $1, 160 gross pay in the first period in January The total cast per employee is $1, 394.66(Round to the nearest cent as needed) Calculate the cost to the company tor an employee with $830 gross pay in the first period in January The total cost per employee is $1.018.96 (Round to the nearest cent as needed) Find the total gross semimonthly pay for all six employees and compare this to the total amount the company must include in its budget. How much extra is needed in the budget? $1, 225.16 Calculate the total amount the company will need for its first quarts FL/TA 3rd SUTA deposit There 3re six semimonthly pay periods in the first quarter of the year. The total amount the company will need (for its first quarter SUTA is $1, 827.36 The total amount the company will need for first quarter FUTA is $270.72Step by Step Solution
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