The following payroll totals for the month of April are from the payroll register of Hall Corporation: salaries, $446,000; federal income taxes withheld, $62,880; social security tax withheld, $27,652; Medicare tax withheld, $6,468; 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’s payroll expense, 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.

  • CreatedSeptember 10, 2014
  • Files Included
Post your question