Fandango Furniture Manufacturing, Inc., has 40 employees on the assembly line, each with gross earnings of $325 per week.
a. What are the total social security and Medicare taxes that should be withheld from the employees' paychecks each week?
Social security: $806
Medicare: $ 188.5
b. What is the employer's share of these taxes for the first quarter of the year for these employees?
Social security: $ ?
Medicare: $ ?
I had figured out the first have but not the second.
Fandango Furniture Manufacturing, Inc., has 40 employees on the assembly line, each with gross earnings of $325 per week.
a. What are the total social security and Medicare taxes that should be withheld from the employees' paychecks each week?
Social security: $806
Medicare: $ 188.5
b. What is the employer's share of these taxes for the first quarter of the year for these employees?
Social security: $ ?
Medicare: $ ?
I had figured out the first have but not the second.
2 answers
The second part would be $24.86 for each of the 40 employees