Gary Marks is paid on a monthly basis. For the month of Januaryof the current...

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9138. FICA tax for Social Security is 6.2% on the first $128,400 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1516.27. What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places.)

Solutions

Expert Solution

Employer's payroll taxes expense

= Social security + Medicare + FUTA + SUTA

= (9138*6.2%)+(9138*1.45%)+(9138*0.6%)+(9138*5.4%)

= 566.56 + 132.50 + 54.83 + 493.45

= 1247.34

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Gary Marks is paid on a monthly basis. For the month of January of the current...

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9288. FICA tax for Social Security is 6.2% on the first $118,500 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7000 of an employee's pay. The amount of Federal...

Gary Marks is paid on a monthly basis. For the month of January of the current...

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9,188. FICA tax for Social Security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1,524.57. What is the amount...

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,738.

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,738. FICA tax for Social Security is 6.2% on the first $118,500 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal...

Phil Phoenix is paid monthly. For the month of January of the current year, he earned...

Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,000. The FICA tax rate for social security is 6.2%, and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $8,000 of an employee's pay. The amount of federal income tax withheld from his earnings was $1,000. His net pay for...

An employee, who is paid $2,130.00 on a semi-monthly basis, is also being paid a $1,200.00...

An employee, who is paid $2,130.00 on a semi-monthly basis, is also being paid a $1,200.00 bonus on a separate cheque, within the same pay period. To date this year, the employee has only had $1,968.00 in Canada Pension Plan (CPP) contributions deducted, so the employee will not reach the maximum with these payments. Calculate the employee’s CPP contribution on the regular semi-monthly pay of $2,130.00 and on the separate bonus payment of $1,200.00. Show all calculations for full marks.

Portia Grant is an employee who is paid monthly. For the month of January of the...

Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee’s pay. The amount of federal income...

Lori Longpie is an employee who is paid monthly. For the month of January of the...

Lori Longpie is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8,260. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate of .6% and the SUTA tax rate of 5.4% are applied to the first $7,000 of an employee's pay. The amount of federal income tax withheld from her earnings was $1,325.17. She also had union...

Lori Longpie is an employee who is paid monthly. For the month of January of the...

q4 Portia Grant is an employee who is paid monthly. For the month of January of...

q4 Portia Grant is an employee who is paid monthly. For the month of January of the current year, she earned a total of $8738.00. The FICA tax for social security is 6.2% of the first $128,400 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The FUTA tax rate of 0.6% and the SUTA tax rate of 5.4% are applied to the first $7000 of an employee's pay. The amount of federal...

Lane works in Quebec and is paid on a semi-monthly basis. He has the following types...

Lane works in Quebec and is paid on a semi-monthly basis. He has the following types of earnings & benefits. Determine which are pensionable and insurable and then calculate the CPP and EI deductions. Statutory Holiday Pay $120 Regular $1200 Employer paid Parking $30

Subjects