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Compute the total cost to goodson of employing gonzales

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Problem 1: B. F. Goodson employs Eduardo Gonzales at a salary of $47,300 a year. Goodson is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Gonzales's salary. In addition, Goodson must pay SUTA tax at a rate of 5% and FUTA tax at a rate of 0.3% on the first $7,000 of Gonzales's salary. Compute the total cost to Goodson of employing Gonzales for the year. If required, round your answer to the nearest cent.

Reference no: EM132616858

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