What is the amount employer should record as payroll taxes

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Problem

An employee earns... An employee earns $5,850 per month working for an employer. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The employee has $196 in federal income taxes withheld. The employee has voluntary deductions for health insurance of $164 and contributes $82 to a retirement plan each month. Get the instant assignment help. What is the amount the employer should record as payroll taxes expense for the employee for the month of January?

Reference no: EM133921727

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