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Thomas Longbow is the only employee of Presido, Inc. During the first week of January, Longbow earned $3,000.00 and had federal and state income tax withholdings of $150.00 and $56.25, respectively. FICA taxes are 7.65% on earnings up to $117,000. State and federal unemployment taxes for the period are $187.50 and $30.00, respectively. What is Presido's payroll tax expense for the week

Respuesta :

abiolataiwo2015

Answer:

$447

Explanation:

Calculation for What is Presido's payroll tax expense for the week

Using this formula

Payroll tax expense = Employer's FICA match + Federal unemployment tax + State unemployment tax

Let plug in the formula

Payroll tax expense = ($3,000 ×0.0765)

+$187.50 + $30.00

Payroll tax expense= $447

Therefore Presido's payroll tax expense for the week will be $447

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