Grady Company's hourly employees earned $55,600 in the pay period ending March 31. Assume further that federal and state income taxes withheld are $9,452 and $2,224, respectively. In addition, social security and medicare taxes are applicable at rates of 6.2% and 1.45%, respectively, and federal and state unemployment taxes are applicable at rates of 4.5% and 3%, respectively. All wages are subject to these taxes.

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The Answer of Grady Company's hourly employees earned $55,600 in the pay period ending March 31. Assume further that federal and state income taxes withheld are $9,452 and $2,224, respectively. In addition, social security and medicare taxes are applicable at rates of 6.2% and 1.45%, respectively, and federal and state unemployment taxes are applicable at rates of 4.5% and 3%, respectively. All wages are subject to these taxes.

Grady Company's Hourly Employees Earned $55,600 in the Pay Period