A company's employees had the following earnings records at the close of the current payroll period:
The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $110,100 (for 2012) 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.

Question

A company's employees had the following earnings records at the close of the current payroll period:
  The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $110,100 (for 2012) 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.

Quizplus · Accepted Answer

The Answer of A company's employees had the following earnings records at the close of the current payroll period:
  The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $110,100 (for 2012) 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.

A Company's Employees Had the Following Earnings Records at the Close