What would be the total annual salary and payroll tax expense for the employee, assuming the company receives IRS approval for its health care plan? Remember, contributions to an approved health care plan reduce the amount of wages subject to social security, Medicare, and federal income
taxes.
Salary
$95,000.00
Insurance
Tay
Taxable amount
Tax Rate
Social Security
$95,000.00 x
Medicare
$95,000.00 x
Federal unemployment $95,000.00 x
State unemployment
950od
Total expense for employee
* * * *
6.2%
1.45%
0.8%
5.4%
TOTAL SCORE: 0.38
Grace S2
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