At the end of October, the payroll register for Noir Tool Corporation contained the following totals: wages,
Question:
At the end of October, the payroll register for Noir Tool Corporation contained the following totals: wages, $371,000; federal income taxes withheld, $94,884; state income taxes withheld, $15,636; Social Security tax withheld, $23,002; Medicare tax withheld, $5,379.50; medical insurance deductions, $12,870; and wages subject to unemployment taxes, $57,240.
Determine the total and components of the
(1) Monthly payroll
(2) Employer payroll expenses, assuming Social Security and Medicare taxes equal to the amount for employees, a federal unemployment insurance tax of 0.8 percent, a state unemployment tax of 5.4 percent, and medical insurance premiums for which the employer pays 80 percent of the cost.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson