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 $118,500 of earnings plus 1.45% FICA Medicare on all earnings; 0.6% 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 $118,500 of earnings plus 1.45% FICA Medicare on all earnings; 0.6% 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.

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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 $118,500 of earnings plus 1.45% FICA Medicare on all earnings; 0.6% 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