Family Flowers employs 17 people, of whom 14 earn gross pay of $640.00 each and 3 earn gross pay of $720.00 each on a weekly basis. What is the employer's share of total social security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.)

Family Flowers employs 17 people, of whom 14 earn gross pay of $640.00 each and 3 earn gross pay of $720.00 each on a weekly basis. What is the employer's share of total social security and Medicare taxes for the first quarter of the year? (Social security tax is 6.2% of wages up to $128,400. Medicare tax is 1.45% of all wages.)

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter18: Poverty And Redistribution

Section: Chapter Questions

Problem 2.4P

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