Maurice Tutor

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Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 5 Days Ago
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 20 May 2018 My Price 6.00

Social Security taxes

  1. R. L. Ybarra employs John Ince at a salary of $53,000 a year. Ybarra is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on John's salary. In addition, Ybarra must pay SUTA tax at a rate of 5.4% and FUTA tax at a rate of 0.8% on the first $7,000 of Ince's salary.

Compute the total cost to Ybarra of employing Ince for the year. Round your answer to the nearest cent.

 

I have tried many different ways to calculate this but they are all showing as negative numbers. I tried 6.2 x 53,000. and 1.45 x 7,000. both answers got marked wrong.

Answers

Maurice Tutor
(5)
Status NEW Posted 20 May 2018 07:05 PM My Price 6.00

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