Total Cost of Employee B. F. Goodson employs Eduardo Gonzales at a salary of $47,900 a...
Total Cost of Employee B. F. Goodson employs Eduardo Gonzales at a salary of $47,900 a year. Goodson is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Gonzales's salary. In addition, Goodson must pay SUTA tax at a rate of 5.9% and FUTA tax at a rate of 0.7% on the first $7,000 of Gonzales's salary. Compute the total cost to Goodson of employing Gonzales for the year. If required, round your answer to the nearest cent.
$_______
Homework Answers
| Salary expense | 47900.00 | |
| Social Security tax | 2969.80 | =47900*6.2% |
| Medicare tax | 694.55 | =47900*1.45% |
| SUTA tax | 413.00 | =7000*5.9% |
| FUTA tax | 49.00 | =7000*0.7% |
| Total cost to Goodson of employing Gonzales | 52026.35 |
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Required information [The following information applies to the questions displayed below.] BMX Company has one employee....
Required information
[The following information applies to the questions
displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2%
of the first $128,400 paid to its employee, and FICA Medicare taxes
are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA
taxes are 5.4% of the first $7,000 paid to its employee.
Gross Pay through
August 31
Gross Pay for September
a.
$
5,900
$
1,400
b.
2,700
2,800
c.
123,500
9,400
Compute...
Check my work BMX Company has one employee. FICA Social Security taxes are 6.2% of the...
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Required information [The following information applies to the questions displayed below.) BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA taxes are 2.9% of the first $7,000 paid to its employee. Gross Pay for September Gross Pay through August 31 $ 6,300 1,700 119,000 a. b. $1,800 3,900 9,800 c. Assuming situation...
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Required information
[The following information applies to the questions
displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2%
of the first $128,400 paid to its employee, and FICA Medicare taxes
are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA
taxes are 5.4% of the first $7,000 paid to its employee.
Gross Pay through
August 31
Gross Pay for September
a.
$
5,900
$
1,400
b.
2,700
2,800
c.
123,500
9,400
Compute...
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