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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

Total earnings for the employees of Gary’s Grill for the week ended January 14, 20--, were $6,400. The following payroll taxes were levied on these earnings:

Social Security 6.2%
Medicare 1.45%
FUTA 0.6%
SUTA 5.4%

 Calculate Gary’s payroll taxes expense for the week ended January 14, 20--.

To determine

Calculate Person G’s payroll taxes expense for the week ended January 14, 20--.

Explanation

Payroll tax:

Payroll tax refers to the tax that are equally contributed by employees and employer based on the salary and wages of an employee. Payroll tax includes taxes like federal tax, local income tax, state tax, social security tax and federal and state unemployment tax.

Calculate Person G’s payroll taxes expense for the week ended January 14, 20--.

ParticularsAmount in $
Employer Social Security tax ($6,400×6.2%)$396.80
Employer Medicare tax ($6,400×1

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