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sattari [20]
3 years ago
13

Barbara is an employee of Baltimore Company. Baltimore Company pays employees the Friday after the wages are earned. Overtime in

excess of 40 hours must be paid at 150% of the normal hourly rate. Social Security taxes are 6.2% and Medicare taxes are 1.45%. The federal unemployment tax rate is 1.0% and the state unemployment tax rate is 3.0%. Barbara's wages, including the current pay period, will not exceed the limits for Social Security, Medicare and unemployment taxes. Barbara earns $16 per hour and worked 48 hours for the week ended January 13 , 2019. Baltimore will withhold $220 federal income taxes. Use this information to determine the total payroll tax expense for Baltimore Company as related to Barbara's earnings. (Round to the closest cent)
Business
1 answer:
LuckyWell [14K]3 years ago
5 0

Answer:

<u>Total Payroll tax expense is $91.336</u>

Explanation:

Normal Wage rate=$16 per hr

Overtime wage tare=$16*150%=$24 per hr

Barbara Normal Income=40*16=640

Barbara Overtime income=6*24=144

Total earnings=640+144=784

Social security tax=784*6.2%=48.608

Medicare taxes=784*1.45%=11.368

Federal unemployment tax=784*1.0%=7.84

State Unemployment tax=784*3.0%=23.52

Total payroll expense for Baltimore company is total of all taxes including extra $220 federal income taxes i.e

$48.608+$11.368+$7.84+$23.52=$ 91.336

Hence, $91.336 will be the total payroll tax expense for Baltimore company.

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