JustAnswer > Finance
Ask A Question|Register|Login|Help
JustAnswer

Finance

Ask a Finance Question, Get an Answer ASAP!

Have your own Finance question?

6 Financial Professionals are Online Now
characters left:
Not a Finance Question?

Related Finance Topics:

  • Pay
  • ,
  • Tax
  • ,
  • Taxes
  • ,
  • Social
  • ,
  • Company
  • ,
  • Security
  • ,
  • Social Security
  • ,
  • Employee
  • ,
  • Employees
  • ,
  • Expenses
Bookmark and Share

Question

The company's payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medicare on all wages; 0.8% federal unemployment taxes on the first $7,000; and 2.5% state unemployment taxes on the first $7,000. Compute the employer's total payroll taxes expense for the current pay period.

Submitted: 245 days and 11 hours ago.
Category: Finance
Value: $15
Status: CLOSED
+
Read More
Posted by Lev 245 days and 11 hours ago.

Info Request

I think you are missing wages data...

Please verify.

 

245 days and 11 hours ago.

Reply

employees earnings through prior pay period earnings this pay period

d. adams 11,300 3,900

j. hess 6,100 2,500

r. lui 9,500 3,100

r. morales 4,800 1,400

l. vang 10,000 3,000

Accepted Answer

 

Total payroll expenses for current period $1139.25

Formulas for unemployment tax are:

=IF(C3>7000,0,IF((C3+D3)>7000,7000-C3,D3))*0.008

=IF(C3>7000,0,IF((C3+D3)>7000,7000-C3,D3))*0.025

 

graphic
View Full Image

Picture
Expert: Lev
Pos. Feedback: 99.1 %
Accepts: 1001
Answered: 7/19/2009

Tax Preparer

Personal Investment, Tax Preparation

+
Read More

Related Finance Questions

  • Aun Ali: http://www.mediafire.com/file/0r0qtaij4z0/IMAGE6.
  • yes every time i try to buy credit my credit card or pay pal
  • So I am about to come into a settlement of about $90,000 aft...
  • Ray Carpet Company has $1,000 par value bonds outstanding at
  • http://www.mediafire.com/?tvmmnjd22mh image7 I get another
  • I would like a simple explanation of California Unemployment
  • The data set that is in the next tab is from a questionnaire
  • Please close.



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2010 JustAnswer Corp.