B. F. Goodson employs Eduardo Gonzales at a salary of $48,000 a year. Goodson is...
70.2K
Verified Solution
Link Copied!
Question
Accounting
B. F. Goodson employs Eduardo Gonzales at a salary of $48,000 a year. Goodson is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Gonzales's salary. In addition, Goodson must pay SUTA tax at a rate of 5.8% and FUTA tax at a rate of 0.6% on the first $7,000 of Gonzales's salary.
Compute the total cost to Goodson of employing Gonzales for the year. Round your answer to the nearest cent.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
