For the week ended June 30, 1995, Free Co. paid gross wages of...
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For the week ended June 30, 1995, Free Co. paid gross wages of $20,000, from which federal income taxes of $2,500 and FICA were withheld. All wages paid were subject to FICA tax rates of 7% each for employer and employee. Free makes all payroll-related disbursements from a special payroll checking account to cover net payroll and related payroll taxes for the week ended June 30, 1995. What is the amount needed to cover the net payroll and related payroll taxes
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