He following monthly data are taken from Ramirez Company at July 31: Sales salaries, $540,000; Office salaries, $108,000; Federal income taxes withheld, $162,000; State income taxes withheld, $36,000; Social security taxes withheld, $40,176; Medicare taxes withheld, $9,396; Medical insurance premiums, $13,000; Life insurance premiums, $10,000; Union dues deducted, $7,000; and Salaries subject to unemployment taxes, $62,000. The employee pays 40% of medical and life insurance premiums.
Assume that FICA taxes are identical to those on employees and that SUTA taxes are 5.4% and FUTA taxes are 0.6%.
Required:
Using the above information, complete the below table.
Tax Amounts subject to tax tax rate tax amount
Answers: 2
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He following monthly data are taken from Ramirez Company at July 31: Sales salaries, $540,000; Offic...
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