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Alisiya [41]
3 years ago
10

A company has 150 employees, each working 40 hours per week and earning $11 an hour. Although the company does not pay any healt

h or retirement benefits, one of the perks of working at the company is that employees are allowed free skiing on their days off. Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $128,400 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7,000 earned per employee. Required: 1. Compute the total salary expense, the total withholdings from employee salaries, and the actual direct deposit of payroll for the first week of January.
Business
2 answers:
nikdorinn [45]3 years ago
7 0

Answer:

Total salary= 66000

Total Tax = $22,341

Deposit of payroll for the first week of January= $43,659

Refer below for explanation.

Explanation:

As per question,

Federal income taxes are withheld at 15% and state income taxes at 5%. FICA taxes are 7.65% of the first $128,400 earned per employee and 1.45% thereafter. Unemployment taxes are 6.2% of the first $7,000 earned per employee.

150 employees, each working 40 hours per week and earning $11 an hour.

40×11=440/week of one worker so, 440×150=66000

Federal Tax = 15%

66,000 ×15% = 9,900

State tax = 5%

66,000×5% = 3,300

FICA tax = 7.65%

66,000 ×7.65%= 5,049

Tax Unemployment= 6.2%

66,000×62% = 4092

Total 9900+3300+5049+4092

= 22,341

Direct Deposit for Payroll 66,000 - 22,341

=43,659

ohaa [14]3 years ago
5 0

Answer:

Total salary expense in week 1 = $440 x 150 = $66,000

Total deductions due to taxes = $121.66 x 150 = $18,249

Actual direct deposit of payroll in week is $66,000 minus $18,249 = $47,751

Explanation:

Number of employees = 150

Hourly wage = $11

Weekly hours worked = 40 hours

Weekly wage = 40 x 11 = $440 per employee

Taxes deduction:

Federal - 15% of gross earnings = $66

State - 5% of gross earnings = $22

FICA - 7.65% of first #128,400 = $33.66

Total deductions = $121.66

Net Earnings = $318.34

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