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Calculating Employers Payroll Taxes For the week ending June 30, EZ Copy Centers payroll
Chapter 13, Problem 13-2(choose chapter or problem)
Calculating Employer’s Payroll Taxes
For the week ending June 30, EZ Copy Center’s payroll has total gross earnings of $4,836.60. Calculate the employer’s payroll taxes. Use the following percentages:
Social security tax 6.2% Federal unemployment tax 0.8%
Medicare tax 1.45% State unemployment tax 5.4%
Questions & Answers
QUESTION:
Calculating Employer’s Payroll Taxes
For the week ending June 30, EZ Copy Center’s payroll has total gross earnings of $4,836.60. Calculate the employer’s payroll taxes. Use the following percentages:
Social security tax 6.2% Federal unemployment tax 0.8%
Medicare tax 1.45% State unemployment tax 5.4%
ANSWER:Step 1 of 2
Payroll taxes are defined as fixed rates of taxes levied on the wages and salaries paid by employers and received by the employees. There are four common types of payroll taxes- Federal tax, Medicare tax, social security tax, and federal unemployment tax.