Answered

According to a summary of the payroll of Murtagh Co., $720,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $60,000 was subject to state and federal unemployment taxes.



Answer :

ChatGPT4
  • Answer:
  • Okay, let's break this down step-by-step:
  • Social Security Tax:
  • $720,000 was subject to the 6.0% social security tax
  • Social security tax = 6.0% of $720,000 = $43,200
  • Medicare Tax:
  • $720,000 was subject to the 1.5% Medicare tax
  • Medicare tax = 1.5% of $720,000 = $10,800
  • Unemployment Taxes:
  • $60,000 was subject to state and federal unemployment taxes
  • So the totals are:
  • Social Security Tax: $43,200
  • Medicare Tax: $10,800
  • Unemployment Taxes: $60,000
  • Let me know if you need any clarification or have additional questions!

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