Magnum Plus. Inc., is a manufacturer of hunting supplies. The following is a summary of the company’s annual payroll-related costs:
Wages and salaries expense (of which $2,200.000 was withheld from employees’ pay and forwarded directly to tax authorities) | $7,200,000 |
Payroll taxes | 580.000 |
Workers’ compensation premiums | 250.000 |
Group health insurance premiums; | 725.000 |
Contributions to employees’ pension plan | 450.000 |
a. Compute Magnum’s total payroll-related costs for the year.
b. Compute the net amount of cash actually paid to employees (their take-home pay).
c. Express total payroll-related costs.as a percentage of (1).total wages and salaries expense, and (2) employees’ take-home pay. (Round computations to the nearest 1 percent.)
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