10 May HOW MUCH WAS THE NET PAY IN SEPT 30 2017 SALARY EXPENSE (=PAYROLL EXPENSE)?
Employer records the salary expenses for all employees’ gross pay.Assume that the total salary expenses for ABC company’s employees are $15 500 for the month of September 2017. It consists of:FICA Social Security taxes (6.2% of up to $118 500 of an employee’s earnings): $2 170FICA Medicare/Medicaid Taxes (1.45% of earnings): $530Federal Income Taxes Withheld: $4 100State Income Taxes Withheld: $300Voluntary deductions( i.e. insurance prem 401k union dues…) $200Net pay (paycheck) ?The employer ABC company is subject to the payroll taxes as follows:FICA Social Security taxes – matching employee’s portionFICA Medicare/Medicaid Taxes – matching employee’s portionFederal Unemployment Tax – 0.8% of first $7 000 of an employee’s earnings (No employee reached $7 000 of earnings yet.)State Unemployment Tax – 3% (rate varies in real world).Employer ABC expects to send out the withheld amounts to various governments and others by Oct 15. Questions:1. How much was the net pay in Sept 30 2017 salary expense (=payroll expense)?
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