Total Cost of Employee J. B. Kenton employs Sharla Knox at a salary of $32,300 a...
Total Cost of Employee
J. B. Kenton employs Sharla Knox at a salary of $32,300 a year. Kenton is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Knox's salary. In addition, Kenton must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.6% on the first $7,000 of Knox's salary.
Compute the total cost to Kenton of employing Knox for the year. If required, round your answer to the nearest cent.
Homework Answers
Solution: $35,191
Working:
| Employee salary | 32,300 |
| Social Security taxes 6.2% | 2002.6 |
| Medicare taxes 1.45% | 468.35 |
| SUTA tax at a rate of 5.4% on 7000 | 378 |
| FUTA tax at a rate of 0.6% on the first $7,000 | 42 |
| 35,191 |
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displayed below.]
BMX Company has one employee. FICA Social Security taxes are 6.2%
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