question archive Murray Enterprises has three employees
Murray Enterprises has three employees
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Murray Enterprises has three employees. Its payroll information is given below.
Employee Earnings Prior to September September Earnings
Hue Strange $63360 $7040
Louie Smith 3400 850
Alyssa Myllano 6400 1280
Assume that the following tax rates are currently in effect.
Tax Rate Ceiling
FICA:
OASDI 6.2% $87900
Medicare 1.45% No Ceiling
FUTA 0.8% 7000
SUTA 5.4% 7000
Compute Murray Enterprises payroll tax expense for September. Round your answer to the nearest cent.
The total payroll tax expense for September is $
.
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Murray Enterprises payroll tax expense for September
$1,267.57
Step-by-step explanation
Hue Strange $7040
OASDI 6.2%*$7040 = $436.48
Medicare 1.45%*$7040 = $102.08
FUTA 0.8%*$7000 = $56
SUTA 5.4%*$7000 = $378
Total $972.56
Louie Smith $850
OASDI 6.2%*$850 = $52.70
Medicare 1.45%*$850 = $12.33
FUTA 0.8%*$850 = $6.80
SUTA 5.4%*$850 = $45.90
Total $117.73
Alyssa Myllano $1280
OASDI 6.2%*$1280 = $79.36
Medicare 1.45%*$1280 = $18.56
FUTA 0.8%*$1280 = $10.24
SUTA 5.4%*$1280 = $69.12
Total $177.28
Total Murray Enterprises payroll tax expense for September $972.56 + $117.73 + $177.28 = $1,267.57
