The amount of federal income tax withheld from his earnings, Ask an Expert

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Phidell Phoenix is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,288. FICA tax for social security is 6.2% and the FICA tax for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income tax withheld from his earnings was $1,375.17. What is the amount of the employer's payroll taxes liabilities?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M998709

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