A company\'s employees had the following earnings records at the close of the cu

Question

A company's employees had the following earnings records at the close of the current payroll period:


Employees Earnings through Prior Pay Period Earnings this pay period
D. Adams 11,300 3,900
J. Hess 6,100 2,500
R. Lui 9,500 3,100
T. Morales 4,800 1,400
L. Vang 10,000 3,000


The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medicare on all wages; 0.8% federal unemployment taxes on the first $7,000; and 2.5% state unemployment taxes on the first $7,000. Compute the employer's total payroll taxes expense for the current pay period.

Explanation / Answer

Earnings through prior period: D Adams $11,300/ J Hess $6,100/ R Lui $9,500/T Morales $4,800/ L Vang $10,000 Earnings this pay period: D Adams $3,900 / J Hess $2,500 / R Lui $3,100 /T Morales $1,400 / L Vang $3,000 The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medicare on all wages; 0.8% federal unemployment taxes on the first $7,000; and 2.5% state unemployment taxes on the first $7,000. Compute the employer's total payroll taxes expense for the current pay period. $1,192.05

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