Question
The following payroll totals for the month of April are from the payroll register of Myth Corporation: salaries, $446,000; federal income taxes withheld, $62,880; Social
The following payroll totals for the month of April are from the payroll register of Myth Corporation: salaries, $446,000; federal income taxes withheld, $62,880; Social Security tax withheld, $27,652; Medicare tax withheld, $6,467; medical insurance deductions, $13,160; and salaries subject to unemployment taxes, $313,200.
Determine the total and components of the monthly payroll and employer payroll expenses, assume Social Security and Medicare taxes are equal to the amounts withheld for employees, a federal unemployment insurance tax of 0.8 percent, a state unemployment tax of 5.4 percent, and medical insurance premiums for which the employer pays 80 percent of the cost.
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