A Company's Employees Had the Following Earnings Records at the Close

Essay

A company's employees had the following earnings records at the close of the current payroll period: The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $117,000 of earnings plus 1.45% FICA Medicare on all wages;0.6% federal unemployment taxes on the first $7,000;and 2.5% state unemployment taxes on the first $7,000.Compute the employer's total payroll taxes expense for the current pay period.