Total Cost of Employee B. F. Goodson employs Eduardo Gonzales at a salary of $47,900 a...
Total Cost of Employee B. F. Goodson employs Eduardo Gonzales at a salary of $47,900 a year. Goodson is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Gonzales's salary. In addition, Goodson must pay SUTA tax at a rate of 5.9% and FUTA tax at a rate of 0.7% on the first $7,000 of Gonzales's salary. Compute the total cost to Goodson of employing Gonzales for the year. If required, round your answer to the nearest cent.
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Homework Answers
| Salary expense | 47900.00 | |
| Social Security tax | 2969.80 | =47900*6.2% |
| Medicare tax | 694.55 | =47900*1.45% |
| SUTA tax | 413.00 | =7000*5.9% |
| FUTA tax | 49.00 | =7000*0.7% |
| Total cost to Goodson of employing Gonzales | 52026.35 |
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1,400
b.
2,700
2,800
c.
123,500
9,400
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displayed below.]
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