What are Mission Company\'s total August payroll taxes for Clark? and what is th

Question

What are Mission Company's total August payroll taxes for Clark? and what is the amount that Mission Company will withhold from Smith's August gross pay?

With explanation please

Mission Company has three employees Gross Pay through July Gross Pay for August Smith Cain Clark $3,200 25,800 94,600 $1,000 3,500 13,100 The company is subject to the following taxes Tax FICA-Social Security FICA-Medicare FUTA SUTA Rate 6.20 % 1.45 .80 5.40 Applied to First $106,800 All gross pay First $7,000 First $7,000

Explanation / Answer

Payroll taxes for Clark: FICA-Social security 756.4 =(106800-94600)*6.2% FICA-Medicare 189.95 =13100*1.45% FUTA 0 SUTA 0 Total Payroll taxes for Clark 946.35 FUTA and SUTA taxes are 0 as gross pay through August is already above $7000 2 Amount withhold from Smith's August gross pay: FICA-Social security 62 =1000*6.2% FICA-Medicare 14.5 =1000*1.45% Total 76.5

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