The total payroll of Trolley Company for the month of October, 2014 was $800,000, of...
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The total payroll of Trolley Company for the month of October, 2014 was $800,000, of which $150,000 represented amounts paid in excess of $106,800 to certain employees. $500,000 represented amounts paid to employees in excess of the $7,000 maximum subject to unemployment taxes. $150,000 of federal income taxes and $15,000 of union dues were withheld. The state unemployment tax is 1%, the federal unemployment tax is .8%, and the current F.I.C.A. tax is 7.65% on an employees wages to $106,800 and 1.45% in excess of $106,800. What is The net amount of salary paid for the period?
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