The following payroll totals for the month of April are
The following payroll totals for the month of April are from the payroll register of Myth Corporation: salaries, $446,000; federal income taxes withheld, $62,880; Social Security tax withheld, $27,652; Medicare tax withheld, $6,467; medical insurance deductions, $13,160; and salaries subject to unemployment taxes, $313,200.Determine the total and components of
(1) The monthly payroll
(2) Employer payroll expenses, assuming Social Security and Medicare taxes equal to the amounts 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.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
    Tutors
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
OR
Relevant Tutors available to help